Local Finance – Local Media NJ

What Lower Interest Rates Could Mean for Your Money

Written by Local Media NJ Staff on April 4, 2025. Posted in Local Finance, SUMMIT+CHATHAM LOCAL, WESTFIELD LOCAL. Leave a Comment

As inflation drifts closer to a normal range by historical economic measures, investors are closely watching the Federal Reserve to gauge their future plans for lowering interest rates. The Fed – and its changes to monetary policy – has a direct impact on the markets and economy, which may have you wondering what lower rates could mean for your wallet. Here are some factors to consider. Your existing debt may be more manageable. Rate cuts by the Federal Reserve may cause interest rates on credit cards, home mortgages, home equity loans or lines of credit, and business loans to go down. Variable...

Test Drive Your Retirement Plan

Written by Local Media NJ Staff on March 3, 2025. Posted in Local Finance, SUMMIT+CHATHAM LOCAL, WESTFIELD LOCAL. Leave a Comment

Two emotions are common for those who are nearing retirement – excitement and fear. Leaving the working world behind can feel empowering, however, apprehension about entering a new life stage may also creep in. If you’re nearing retirement, you’ve likely taken steps to prepare financially for the future. But there’s one important thing you might not have considered adding to your pre-retirement checklist – a practice run. Test driving aspects of your plan before you’re actually in retirement can help provide a sense of security for this next phase of life. Consider what an ideal retirement...

You Can Fund Your Children’s College Education and Retirement Simultaneously – Here’s How

Written by Local Media NJ Staff on January 3, 2025. Posted in Local Finance, SUMMIT+CHATHAM LOCAL, WESTFIELD LOCAL. Leave a Comment

Many parents face the challenge of saving for their children’s college education while also building a nest egg for retirement. Funding both priorities simultaneously can feel like a juggling act – and the stress can intensify as high school graduation and retirement dates draw nearer, particularly if you’re coming up short on your savings goals. As your time horizon narrows, which should come first – funding your kid’s tuition or your own retirement? The answer depends on your situation, but here are some factors to keep in mind: Prioritize college bills or retirement? In most cases, saving...

Understanding the Basics of Medicare

Written by Local Media NJ Staff on September 1, 2024. Posted in Local Finance, WESTFIELD LOCAL. Leave a Comment

Open enrollment for Medicare is coming this fall and the time is now to start researching your options. Whether you have already enrolled in Medicare, or this enrollment period will be your first, understanding the basics of Medicare will help ensure the coverage you choose is right for your health and your wallet. Here are answers to some of the most frequently asked questions below: What is Medicare and who is eligible? Medicare is a national health insurance program for those over the age of 65 or those under 65 that have certain disabilities. Medicare was designed to help support these individuals’...

7 Ways to Build Financial Literacy in Your Children

Written by Local Media NJ Staff on July 2, 2024. Posted in Local Finance, SUMMIT+CHATHAM LOCAL. Leave a Comment

Children often learn their first lessons about money from the adults they’re closest to. Whether it’s listening to parents discuss a purchase or watching them pay bills online, kids are observant and their relationship with money is often shaped by what surrounds them. If you are a parent looking to instill financial wisdom in your children, here are some ways to get started. Set a good example. Kids often model what they see. Be intentional about the example you’re setting. Proactively discuss money with your children. Talk about what’s important to you money-wise and use everyday moments to...

Should I downsize my home in retirement?

Written by Local Media NJ Staff on June 2, 2024. Posted in Local Finance, SUMMIT+CHATHAM LOCAL. Leave a Comment

If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and your lifestyle. As you think about downsizing, here are some things to keep in mind: Decide if a move makes sense. You can expect your needs and priorities to shift in retirement. Perhaps you won’t require as much square footage as you did when raising children, or you may find it challenging to keep up with home maintenance like you used to. It may be financially prudent and personally necessary to get out from under the costs...

How to Get the Most Out of Passive Income in Your Portfolio

Written by Local Media NJ Staff on November 27, 2023. Posted in Local Finance, SUMMIT+CHATHAM LOCAL. Leave a Comment

Passive income is broadly defined as money that comes from investments rather than employment wages. Examples include dividend income generated by stock investments or rental income derived from property you own. Passive income can play an important role in helping to meet day-to-day expenses and to accumulate wealth for retirement. According to research from Ameriprise Financial, 40% of investors across multiple generations have some form of passive income, and more than two-thirds (77%) of investors say passive income is important or very important to their retirement strategy. Having more...

Don’t Let Emotional Investing Cloud Your Judgement

Written by Local Media NJ Staff on November 1, 2023. Posted in Local Finance, SUMMIT+CHATHAM LOCAL, WESTFIELD LOCAL. Leave a Comment

When it comes to money, it’s easy to let your emotions get the best of you – particularly during periods of personal stress or market volatility. Even seasoned investors should guard against making financial decisions based on feelings instead of facts. Here are four common investment biases that can cloud your judgment. Keeping these tendencies in mind can help you avoid making regrettable decisions regarding your hard-earned money. Overconfidence: Overconfidence implies that investors tend to overestimate their ability to generate a return and underestimate the risk associated with a particular...

Want to Retire Early? Read This First

Written by Local Media NJ Staff on October 2, 2023. Posted in Local Finance, SUMMIT+CHATHAM LOCAL. Leave a Comment

As a financial advisor, I have seen firsthand how much planning it takes to retire early. Deciding to leave the workforce (and say goodbye to your steady paycheck) earlier than you previously intended to may come with many considerations. If you are intrigued by the idea of retiring early, read on for some suggestions for how to assess if moving your retirement date forward is something within your reach. Define your dream retirement. A realistic early retirement plan doesn’t happen by chance. It takes careful planning and deliberate action. Before you can figure out how to make early retirement...