Ways to Keep Busy in Retirement

While retirement is something basically everyone looks forward to, for some people, it’s an experience that leaves them thinking they’ll be bored without a job to go to every day. But that couldn’t be farther from the truth! Without a job taking up most of your time during the week, you have the chance to fill your schedule with fun activities and keep busy in retirement!

Learn a New Language

Have you always wanted to fluently speak Italian or Mandarin? Take a couple of hours a day to pick up the language.

Go Fishing

Dust off your old fishing pole and bucket hat, and venture out to the high seas to catch yourself some dinner.

Volunteer

Whether it be helping people, animals, or the environment, charitable giving can give you a great sense of fulfillment and happiness.

Take a Road Trip

No more worrying that you have to be back to work. You can take every road trip you want — go across state lines, or get an RV, and go across the country!

Become a Better Cook

Sure, you could make basic dishes before, but you can keep busy in retirement by taking cooking classes and improving your skills to rival those of an iron chef.

Start a Book Club

This can go one of two ways — you and your group can actually read the books, or you can just drink wine and gossip. Either works.

Adopt a Pet

A pet will keep you plenty busy since they’ll need a lot of love and care. Plus they’re great for companionship.

Go Back to School

Want to finish a degree or earn an entirely new one? You’ve got plenty of time to do so — and you might even get discounted tuition or special financial aid as a senior.

Anything is possible in retirement if you set yourself up the right way. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From preserving your wealth 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 Avoid Empty-Nest Syndrome

Sending your children off the school is difficult enough as is — but it’s especially hard when it’s your youngest child and everyone else has already moved out of your home. It’s not surprising that this would leave you and your spouse feeling sad that you know longer have kids running around, but you don’t have to feel that way! There are plenty of ways to avoid empty-nest syndrome after your little ones fly away.

Find Things You Like Doing

While some couples’ interests stay the same over the years, many don’t. Take some time to find out what you both like doing, and enjoy each other’s company within those activities. Whether it be hiking, cooking, museum trips, etc., the possibilities are endless.

Get Your Finances in Order

Getting your financial matters straightened out means you’ll be in better shape to handle your kids leaving. Finances problems can put a big strain on your relationship, which is the last thing you’ll want in a time like that. Figure out what debts and assets you have, and go forward with that in mind.

Make New Friends

When you have kids, you and your spouse’s lives seem to revolve around them. Once they’ve moved out, make new friends through work, social activities, or even online. Hanging out with new friends will help keep you occupied and help you avoid empty-nest syndrome.

You don’t have to feel dejected just because your kids don’t live with you anymore — just focus on the exciting future to come. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From preserving your wealth 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.

Money Lessons You Should Teach Your Kids Early On

As a parent, you want to teach your children every lesson possible before they get to that age when they won’t listen anymore — we’re looking at you 15-year-olds. All kidding aside, besides teaching them to have good manners and be kind, there are some money lessons you should teach your kids early on.

1. Money Doesn’t Grow on Trees: A lot of times, kids will see your wallet as an endless flow of cash. Teach them that cash doesn’t just appear out of thin air — Mommy and Daddy earn it.
2. They Can Earn Money Too: Set up a system that teaches your kids that they can earn their own money by doing chores and other good deeds.
3. Savings Helps Them Get Bigger Rewards: If there’s a particularly special toy or other item your child wants, teach them to save up money for it so they can learn the discipline that comes with saving his or her allowance.
4. Budgeting is Key: In the same regard, teach them that if they want more than one item, they’ll have to budget and decide how to spend their money.
5. Don’t Impulse Spend: Teach your kids that just because they have the $3.00 needed to buy an ice cream cone they want right now, it doesn’t mean they should get it. They can save the money for a better treat — such as a toy or DVD — down the line.
6. Keep Track of Their Money: Teach your kids to keep track of what they spend their money on, so they can see if their spending habits are safe or if they could use a bit of improvement.
7. Don’t Always Believe the Ads: Commercials will make kids think the advertised product is the best thing since sliced bread. Teach them to be somewhat skeptical to curb impulse buying.

The sooner your child learns these money lessons, the better. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From preserving your wealth 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.

Tips for Talking About Finances with Your Partner

There are four words people rarely ever want to hear in a relationship: "Let's talk about money." In a perfect world, your partners' money situation wouldn’t matter, but unfortunately, we live in the real world, and they do. To avoid all the stress that comes along with the conversation, follow these tips to talking about finances with your partner.

Watch their behavior.

Don't go into the conversation blind. Gather some information by observing if your partner is more on the frugal side or if "big spender" could be their nickname.

Set a date to have the conversation.

Talking about money is never easy, especially for the first time. Rather than surprising your partner with that request, the two of you should both decide on a day and time that you're going to have the conversation.

Watch how you word things.

Even if your partner’s spending habits bother you in some way, avoid using accusatory language like "Why would you do that?". Instead, phrase things like "Can you explain how you accumulated this debt?".

Discuss specific topics.

If you have a game plan for the conversation, it will go that much smoother. Discuss the debt each of you has and how you're paying it off, as well as each other’s spending habits and assets.

Offer help.

Perhaps one of you is very good at budgeting, while the other is good at paying off debt. Offer each other advice on how to effectively manage your money so you both can be on the same page financially.

Finances don’t have to be scary when you have a little help. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From preserving your wealth 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 is Probate Court and How to Avoid It

It’s hard enough losing someone you love, but the pain becomes even worse when you have to fight over his or her belongings in court. That is the inconvenient reality of what happens when someone passes away and you end up in probate court.

What is Probate Court?

Probate court is the legal process that determines the distribution of the property of a deceased person. The court will appoint someone to take control of the deceased’s assets, make sure all debts are paid, and then allocate the remaining property to the proper beneficiaries.

How It Works:

• If the person died without a will, probate law will distribute the assets to the next of kin. The spouse is usually entitled to a certain portion of the estate, then state probate laws break down the line of succession to determine who gets what.
• If the person died with a will, his or her estate will be distributed according to how it is set out in the will. However, should the will be contested, probate court will determine if, and to what extent, the will is valid.

Why You Should Avoid Probate Court:

• It takes a lot of time. You could be stuck dealing with the probate proceedings for several months to well over a year, with complex or contested estates taking even longer.
• It’s costly. You don’t walk in and out of probate court for free. Between court fees, attorney fees, and administrative fees, you could end up spending thousands of dollars.
• It’s public record. Anyone can go to the court and find out how much money was left after a person’s death and how much was owed. Talk about a lack of privacy for the deceased and heirs!

How to Avoid Probate Court:

Setting up a trust often allows your estate to be passed to the heirs without going through probate at all. But since trusts can involve of a lot of tax rules, it’s wise to have an estate planning professional help with the process.

Proper estate planning is the key to helping your heirs avoid any hassle with your estate after you pass. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From preserving your wealth 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.

*The estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Please consult legal or tax professionals for specific information regarding your individual situation.

What To Do If Your Wallet Is Stolen

Your wallet holds some of the most personal items you own -- your ID, your credit cards, maybe even your Social Security card or photos of loved ones. So if it goes missing, it's no surprise that you would be very concerned. To protect yourself and your money, here's what to do if your wallet is stolen.

Call Your Card Companies

Call the issuers of your credit cards, debit cards, and ATM cards and report your cards stolen. This doesn't get you as tied up as you would be if you completely cancel the cards, but still keeps your money safe.

Freeze Your Credit Accounts

Call any of the three credit reporting agencies, and tell them to put a fraud alert on your account. This will require any purchases made on your account to be verified with your identity.

Report Your Stolen Wallet to the Authorities

Now, don't assume that the police will make this a high priority case, but also don't trivialize the theft of your property. The main reason to do this is to provide evidence of theft in case you become a victim of identity theft or fraud down the line.

Report Your Stolen License to the DMV

You need a license to drive and prove your identity, but more importantly, your stolen license can be used to commit identity theft or fraud. Your local DMV will provide you with a new license and document that your old one had been stolen, providing further evidence to go along with the police report that you should file.

Change Your Locks

If you kept a spare key in your wallet, change whatever locks it goes to. This prevents the thief from using the address on your license and that spare key to break into your home and inflict more damage.  

List Out Everything That Was in Your Wallet

This could include health insurance cards, account passwords, or something as simple as a movie ticket rewards card. By listing everything out, you'll be able to know what other agencies you need to contact in order to prevent the thief from using any of your information.

Order Credit Reports

Even if you set up fraud alerts, a little down the line, order credit reports to ensure that no one has been using your information for themselves.

You can protect your money with the help of a financial advisor. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash 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.

When To Put Your Credit Cards Away

Some people prefer using credit cards to make purchases, and there’s good reason why. Cards can be used to help you build good credit, learn financial responsibility, and are sometimes safer to use than cash since you can dispute false charges. However, in certain situations, it’s a better idea to put your credit cards away and opt for cash.

When You’re Making Large Purchases

Just because you can put that new HD TV on your credit card, it doesn’t mean you should. When you’re making big purchases, save up half of the cost in cash, so you can pay off the credit balance right away and avoid paying more in interest.

When You’re Close to Your Credit Limit

If you’re not paying down your credit card debt, continuing to use your card can not only cause you to accrue more debt that you may be able to pay off, but it can also lower your credit score. Try not to use more than 10% of your card limit — use cash or a card with a lower balance instead.

When You’re Gambling

It’s easy enough to get carried away and spend a lot of money when you’re gambling with cash, but it’s even easier if you’re using a credit card. Financing any kind of gambling with a credit card puts you at a higher risk of losing your money and being charged fees by a casino.

When You’re Simply Not Good with Plastic

When you use your credit card on a lot of small purchases, such as food or trips to the drugstore, you may not realize how quickly little expenses add up, and you could end up charging more than you can afford. If that’s the case, you’re better off making most of your purchases in cash.

If you’re going to use credit cards for your purchases, you need to make sure you’re making smart financial decisions. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash 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 Save Money in College

Who remembers living off of ramen while they were in school because it was the cheapest thing you could buy? While student’s eating habits may have changed over the past few years, one thing definitely hasn’t — universities are expensive. So if you’re looking for ways to save money in college, here’s where you should start.

Focus on your education.

More and more often, students don’t graduate in just four years. Avoid the costs of extra semesters by staying focused on your classes and taking advantage of tutors and academic advising.

Shop smart when it comes to textbooks.

Try to find a friend in each of your classes who you can share a textbook with. And never buy the textbook new. Find used copies online or an ebook version that’s cheaper.

Get small appliances for your dorm or apartment.

Think about how much money you could save on your morning java if you had a coffee pot to make it yourself? Investing in that and other small appliances like a microwave or George Foreman grill can save you money on food.

Limit how often you eat out.

We know it’s tempting to go to the diner with your friends or for Wednesday night wings, but all those food trips add up and can leave you strapped for cash. Limit yourself to two or three meals out a month.

Cut the Cable.

Netflix, Hulu, and HBOGo exist for a reason, so use them. They offer a ton of shows to stream and are a lot cheaper than cable.

Use campus amenities.

Skip the expensive membership at the gym in town, and use your campus gym for free. Also check if your campus offers movie nights or other activities free-of-charge.

Take advantage of students discounts.

Hundreds of stores and restaurants offer student discounts, so flash your college ID card every chance you get to save money.

Paying for college doesn’t have to cost you an arm and a leg if you prepare the right way. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From 529 plans 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.