Top Money Tips for Staying Happy

Is there a secret to being completely happy? Some people think so, but there’s no way to be certain. Some people even say you can buy happiness. While we don’t think that’s necessarily true, there are definitely ways that money can influence how happy you are. These are our top money tips for staying happy and have a fulfilling life.

Simplify Your Finances

If you’re constantly trying to figure out how much money you have in accounts X, Y, and Z, you’re wasting valuable time that could spent investing that money into worthwhile ventures and experiences. Instead of having four different savings accounts and three different retirement accounts from separate jobs, consolidate everything so you know where all your money is.

Spend Your Money on Experiences

You get more out of life when you purchase experiences. Not to say that there’s anything wrong with material purchases, but think about what will really give you long-term happiness. When you’re old and gray, are you going to remember driving around town in your fancy sports car or the two-week trip to Bali you took with your spouse?

Spend Your Money Improving Your Health

That Bikram yoga class you’ve always thought about? Take it. Want to learn how to cook authentic Italian food? Sign up for cooking lessons. You’ll be a lot happier spending your money on things that better your health rather than things that virtually don’t improve your life like ordering take-out.

Be Generous

There’s a deep sense of happiness that comes with being charitable. If you’ve been fortunate enough to have a comfortable life, giving back to organizations that could use help can leave you with a satisfied feeling in your heart.

If you’ve set yourself up for a comfortable life, you’ll be happier knowing you won’t have to stress about your finances. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From investments to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Why You Need Long-Term Care Insurance

Imagine saving thousands upon thousands of dollars throughout your lifetime all to watch it dwindle away to nothing as you age. Sounds terrible, right? Well that can happen if you need extensive medical care later on in life. If you do, you’ll need long-term care insurance to cover those costs and protect your estate.

Why You Need Long-Term Care Insurance

To Cover the Cost of Facilities

The average yearly cost of a private nursing home stay in 2016 was $92,378, and Medicare usually only covers a 100-day stay in a nursing home if you’re recovering from an illness or injury and showing improvement. After that, Medicaid will only pay for a nursing home and a bit of in-home care after you’ve dwindled your savings down to $2,000. Long-term care insurance can help cover all of these costs, so your savings can stay relatively untouched.

To Get Professional Help

Even if you don’t need to stay in a nursing home when you get older, you may need help from a visiting or live-in nurse who can provide you with professional care. On average, these home health aides will cost you around $51,000 a year. Long-term care insurance can cover those costs so you can remain in your home and not decrease your quality of life due to an inability to care for yourself.

To Keep the Burden Off of Family Members

No family member will tell you that they don’t want to help you care for yourself in your old age. However, acting as a caregiver can take an emotional and physical toll on your loved one. While it’s nice to have your family members there for companionship, you’ll need long-term care insurance to leave the more taxing tasks to paid professional aides.

Long-term care insurance allows you to pay for all the medical expenses that come along with aging without depleting your savings and assets. All that’s left to do now is apply. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

How to Keep Your Money Safe When Traveling

Whether you like taking advantage of summer break so you can bring the kids along or you like jetting off to warmer weather in the winter, there’s no denying that vacations are some of best times of the year. Of course, you’ll want to enjoy yourself as much as possible, but you shouldn’t throw caution completely to the wind, especially when it comes to your finances. In order to keep your money safe when traveling, there are a few things you should keep in mind.

How to Keep Your Money Safe When Traveling

Balance Your Credit and Cash Use

While using cash usually forces you to watch how much money you spend, if you lose it, it’s gone. At least if you lose your wallet or your credit cards get stolen, you can call your bank, cancel those cards, and dispute any fraudulent charges.

Keep Your Money in Multiple Places

If you decide to use cash more than credit, make sure to store it in more than one place. When you’re out, ask your travel companion to carry some of your cash on his or her person. When you leave cash in your hotel, keep some hidden in a sock in your suitcase or the room’s safe, and carry some with you just in case.

Use the Right ATMs

Besides extra fees, restaurant and store ATMs could have scanning devices that steal your credit information. Use bank ATMs, and make safe choices when taking out money. Don’t visit ATM machines during the early morning, late evenings, or alone — always have someone come with you.

Use a Money Belt

No matter what method you’re using to make purchases on vacation, a money belt is the best way to carry your funds with you. These belts wrap around your waist underneath your clothes and have a zippered pouch for your belongings. Use one to carry your cash, credit cards, passport, or driver’s license.

It only takes a few actions to keep your money safe when traveling, and while we want you to stay safe on vacation, we also want your money to be safe each and every day. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Why You Need an Emergency Fund

Say it with us: life happens. While you can plan and prepare all you want — and it’s very important that you should — sometimes, life gets in the way and leaves you with a few surprises. Without extra funds to fall back on, you could lose parts of the life you’re used to. If you end up in a bind, you’ll need an emergency fund to keep afloat.

Why You Need An Emergency Fund:

• You lost your job and can’t find a new one quickly. If you lose your job for any reason, you may not be able to find one at the same level of pay right away. An emergency fund of three to six months’ income can help you make ends meet until you find new employment.

• You or your family member needs extensive medical treatment. Sometimes insurance won’t cover all the procedures you need, and you can end up with a large medical bill when all is said and done. Having an emergency fund will help cover those expenses and save you the stress and debt of dipping into your savings or putting those costs on credit cards.

• Your identity is stolen, and you can’t use your credit cards. Let’s be honest — some of us rely on using our credit cards to pay for many of our purchases. If yours get locked due to identity theft, you’ll need an emergency fund to ensure you have a way to pay bills and other necessary expenses.

• You need a new car. If your vehicle suddenly stops running and you need a new one fast, an emergency fund will allow you to make that purchase without applying for car loans and waiting for them to get approved. You’ll also be spared from accumulating additional debt!

• You or your partner get unexpectedly pregnant. A child is an expensive blessing. Having an emergency fund will put you in a better financial position to prepare for your new baby.

It’s easier than you may think to set and keep an emergency fund. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From investments to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Estate Planning 101

After you’ve spent years accumulating wealth and building yourself a solid nest egg, what are you going to leave as a legacy? After all, when it’s all said and done, what you leave behind will preserve your memory and help your loved ones be financially successful in their own lives. That’s why estate planning is so important. And since there are a lot of things that go into leaving that legacy, it’s even more important to know the basics of laying out what you’ll leave and who you’ll leave it to.

Estate Planning 101:

• Make a Will: This will explicitly state who will inherit your property and assets as well as name guardians for your younger children in the event that something should happen to you and your co-parent.

• Use a Trust: A living trust will spare your loved ones the hassle and expense of going through probate court.

• Make a Financial Power of Attorney: This person will handle your finances and properties in the event that you are not able to do so due to illness or another incapacitation.

• Protect Your Children’s Property: If you have children under the age of 18 who will inherit parts or all of your estate, name an adult who will manage the inheritance until your child is of age to do so his or herself.

• Assign a Beneficiary: This person will be in charge of your bank accounts and retirement plans so those accounts can skip probate court and be automatically “payable on death.”

• Get Life Insurance: Life insurance will cover any significant debts and estate taxes as well as provide funds to pay for your home and young children upon your death.

• Cover Funeral Expenses: Funeral prepayment plans aren’t always reliable, so try to set up a payable-on-death account that will be used to cover your funeral costs and any related expenses.

• Protect Your Business: If you are the sole owner of a business, set up a succession plan. If you have partners, set up a buyout plan.

• Make the Final Arrangements: In writing, set out how you would like your body to be handled — organ and body donations, burial, or cremation.

Leaving a good financial legacy for your loved ones is only possible through solid estate planning. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From investments to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Busting Retirement Myths

When it comes to retirement, the more you know, the better — as long as the information you’re getting is correct. You’ve probably heard a few things through the grapevine that are a bit far from the truth, which is why we’re here to set the record straight and bust a few of the most common retirement myths.

Myth #1: It’s okay to save later on because that’s when it’s easier.

Nope. It’s more important to start saving as early as possible to build yourself a solid nest egg for the future. Plus, it’s easier to save smaller amounts over a longer period of time than it is to save larger amounts in a rush down-the-line.

Myth #2: Social Security will cover your expenses.

That was never the intention of social security benefits. While it can help cover costs and provide you with an income during retirement, you’ll need more than just those benefits to be covered in case of an unforeseen circumstance, such as medical issues.

Myth #3: You have to retire at 65.

That “golden number” really only came about because that is when traditional social security benefits start paying out. Thing is, there is no set age that you’re required to retire. You could be forced to retire early for a number of reasons, or you could choose to work well into your 80s.

Myth #4: It’s better to invest in “safer” options in retirement.

In decades past, when life expectancy and inflation were much lower, it might have made sense to only invest in bonds and CDs, but that’s not the case today. The market is more volatile, so making your portfolio only these types of investments could be just as risky as investing in more aggressive options.

Myth #5: You’ll be bored.

A lot of people think retirement means a lot of free time with nothing to do. However, you’ll notice that hobbies, volunteer opportunities, and other day-to-day activities will quickly fill up your calendar.

Few things feel better than heading into the coming years knowing you’ve set yourself up for a comfortable retirement.  At  American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From investments to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

How to Reduce Your Health Care Costs

As you get older, how you take care of yourself — as well as how much it costs you to do so —  becomes a bigger priority than it might have been in the past. With the rising cost of doctor’s visits and medications, you may worry that your insurance plan won’t cover everything, but there’s no need to stress! There are plenty of actions you can take to reduce your healthcare costs.

How to Reduce Your Health Care Costs

Preventative Care:

• Perform self examinations. Finding a problem early can reduce the amount of treatment (and therefore cost) you’ll need to fix it.
• Take care of yourself. If you have a poor diet and/or don’t exercise regularly, you’re more likely to suffer from ailments down the line. Eat right and make sure to exercise in order to keep yourself from getting sick in the first place.

When You’re Sick:

• See your doctor. Ignoring an illness can only make it worse over time, resulting in high health care costs down the line.
• Skip the emergency room. If you have a simple cold, don’t immediately run to the hospital. Try taking an over-the-counter remedy or visiting your local pharmacy for help first.

When Your Need To Take Medication:

• Actually take your prescription. Around 20% of people don’t even fill the prescriptions their doctors give them. Fill yours and make sure to take it according to the instructions to get yourself better and avoid future problems.
• Go generic. If your medication is a bit too pricey for your pocketbook, ask your doctor about generic versions. They’re often just as good and cost a lot less money.
• Try mail-order medications. If you have a medication you take on a regular basis, such as cholesterol or heartburn meds, see if your insurance company offers a mail order option. You’ll usually get a 90-day supply for way less than you’d pay at a pharmacy.

While there are plenty of ways to reduce your health care costs, there are also plenty of ways to ensure it doesn’t get too high to begin with, such as long-term care insurance and medicare.

At  American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From investments to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

What To Consider When Planning for College

As a parent, you want your child to get the best education possible, and sometimes that can get difficult once money gets involved. College is expensive — there’s no sugarcoating. Often, finances can be the deciding factor between schools, which is why it’s best to start preparing now. When you’re planning for college, these are a few things you should consider.

Paying for Tuition

Unlike the decades ago, paying for college as you go and graduating in four years isn’t as feasible for everyone as it used to be. If you’re not looking to take out hefty student loans, there are several other methods that can help you pay for tuition.

• Scholarships: There are literally thousands of scholarships your child can apply for that will help with tuition costs.
• Work Study: Plenty of schools offer work study programs that contribute a designated amount to your tuition payments.
• 529 Saving Plans: By starting to put a little away each month when your child is born, you may accumulate enough money to cover a good majority, if not all, of your child’s college tuition by the time he or she is 18.

Living Situation

A good chunk of college expenses is your room and board. This usually comes down to two options.

• Commuting from Home: This is really only an option if you live close to school, and it saves you a decent amount of money in room and board. However, some argue that it takes away from the “college experience.”
• Living at School: This offers you the convenience of close classes and a “truer” college experience, but it comes at a price. From here you’ll have to decide if your child will want to live on or off campus.

Transportation

Will your child have a car to get around in, or will he or she have access to public transportation? Some schools require off-campus internship to graduate, so you’ll have to factor in transportation costs into the college budget.

Social Budget

As much as you’d love your child to only focus on their education, we all know that’s not the reality. They’ll want to go out to dinner with friends, go on weekend adventures, and of course, there’s Spring Break. While you may want to help finance these things, it’s also a good opportunity to teach them financial responsibility.

Planning for college is a lot easier with the help of a financial advisor. American Investment Planners can assist with everything you need from 529 plans to helping with student loans. 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.

You’re a smart person who wants to increase your wealth so you can live comfortably and leave a financial legacy for the next generation of your family, right? Of course, right. That’s most people’s goal when it comes to managing their finances. However, not everyone knows the proper ways to make that happen. If you want to get the most out of your money, you should meet with a financial advisor to start your road to financial success.

Why You Should Meet With a Financial Advisor:

Know When to Start Planning

On your own, it’s easy to focus on the here and now of bills and everyday expenses and forget about planning for the future. A financial advisor can take a detailed look at your current financial situation and help you determine when you need to start setting aside money for certain needs and keep you on track to continue building your wealth.

Better Preparation for Surprises

Life can throw surprises at you on any given day, and if you’re not prepared for them, you could suffer for it. Meeting with a financial advisor can help you plan for those surprises — job loss, medical expenses, etc. — to ensure that you and your family can handle them without sacrificing your comfortable life.

Avoid Mistakes

It’s one thing to handle a few thousand dollars in your checking account, but it’s another to handle five to six-figure amounts in invested accounts. With the help of a financial advisor, you can build that amount and avoid poor investment choices and other costly mistakes that could diminish your wealth.

Build a Successful Financial Future

There are a lot of ways you can invest your money, and they’re not as easy as putting cash into an account. Retirement planning can be a maze of options, such as 401(k)s, IRAs, pensions, and annuities. Education savings help your children go to the colleges of their dreams and prevent you from taking out student loans, and the way you plan your estate affects how you will provide for the next generation of your family. A financial advisor can help you navigate your way through it all.

At  American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From investments to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.