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  • Home
  • About Us
    • Meet our Team
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
  • Blog
  • Service
    • Policy Review
    • Update Contact Info
    • Life Insurance Application
    • Request a Free Consultation
  • Individual
    • Life Insurance >
      • Term Life Insurance
      • Whole Life Insurance
      • Final Expense Insurance
      • Individual Life Insurance
    • Medicare
    • 529 Plan Alternatives
    • Social Security
    • Disability Income Insurance
    • Annuities
  • Business
    • Life Insurance Options for Businesses
    • Disability Insurance Options for Businesses
    • Medicare Educational Seminar
    • Social Security Educational Seminar
    • Group Life Insurance
    • Executive Plans
  • Contact Us
    • Schedule Appointment
    • Location & Contact Information
    • Careers

our Blog

5 Times When You Should Hire a Financial Planner in NJ

9/28/2020

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Financial advisors, also known as financial planners, are professionals who help their clients with wealth management and personal money matters. They can put together a retirement savings plan or simply answer questions about whole life insurance in New Jersey. 

So how do you know when you should hire a financial advisor to assist with your financial planning? You can hire a financial advisor in NJ at any time, but these five situations are especially important. 

1. You’re close to retirement age. 

Some of your biggest money questions come when you’re getting close to retirement age. When should you file for social security? Do you need to apply for Medicare? Do you have enough money to retire?  
A financial planner can help you set financial retirement goals and develop a plan to reach them. This is especially important if you plan on living off the income generated by your assets. Make sure you choose a professional who specializes in retirement planning, as not all do. 

2. You received a large inheritance. 

Receiving an inheritance can be a nice way to improve your life in the short-term, but you may also want to use this toward your long-term goals. By working with a financial advisor, you can put together a plan that maximizes this money. Financial planners can help determine where to invest your money, the different savings options you have and how to secure your financial wealth. 

3. You’re going through a divorce.

Unless you’ve only been married for a few months, divorce is messy. Because you and your ex share assets, there is a lot to be divided. Who gets what? Should you sell the family home? How much will child support payments be? 
Because divorces are emotional, it’s important to have non-biased parties helping you along. Divorce causes your short- and long-term goals to change, and a financial advisor can help you with both.  

4. You’ve had a major life change. 

Major life changes like marriage, a new income, a baby, buying a business, etc. are good reasons to speak with a financial advisor in NJ. It’s important to know about your options in terms of investments, setting up a college fund or tax planning. And, if you already have a plan in the works, you can have your advisor look it over and amend it based on your new circumstances.

5. You’re young and don’t know where to start.

Some people think that when they’re young and don’t have much money, they don’t need an advisor. But it’s actually the opposite. It’s much easier to start planning for retirement when you’re young and in your 20s. You can invest a small portion of your paycheck each month and watch your investments grow. Because you’ll be doing this for a long time, you can build up a nice nest egg, pay off debt and retire early.
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These are some of the times in your life when you can benefit from speaking to a financial advisor. Advisors are flexible and you can hire them on a one-time basis or for long term needs. To learn more about how a financial advisor can assist with your financial planning and wealth management strategy, contact Leonard Financial Solutions today. 

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Six Important Things to Know About Financial Planning in NJ

8/31/2020

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It’s never too early to start planning for your future! A financial plan includes your current money situation, long-term monetary goals and strategies for meeting those goals. You can create a financial plan on your own, or you can create one by working with a financial advisor in NJ. The benefit to working with a financial advisor is that you can work together to develop a personalized plan that aligns with your long-term goals. 

As you consider putting together a financial plan, here are six important things to know. 

1. Your financial plan is built around your financial goals. 

You might think that your financial plan is based on the money you currently make, but it’s actually guided by your longer term goals. We recommend asking yourself what your money can do for you. Do you want it to pay off your mortgage? Help you retire early? Travel the world? By working toward the things that are important to you, your financial plan will feel intentional. 

2. You’ll need to track your money and where it’s going. 

Once you have a financial plan in place, you’ll need to keep track of your money. Our clients are often surprised to see how much money is spent on little things like Starbucks stops or lunches out. Seeing where your money goes can uncover ways to direct more money to your savings or paying down debt. 

3. Your employer might match your contributions.

One of the things your financial advisor in NJ will ask is if your employer will match your contributions. Sure, your 401K plan might take away some of your monthly earnings, but it’s worth putting into this account if your employer matches your contribution. This is essentially free money on the table. 

4. Emergency planning is necessary. 

Most Americans don’t have enough money in their accounts to pay for emergency situations. But, this changes with a financial plan. Your plan will force you to put away cash to handle unexpected problems so that you don’t have to turn to credit. 

You’ll start small - say $500 or so. Then your next goal will be $1,000 and so forth. Trust us, you’ll feel better having savings to fall back on if something happens! 

5. You’ll need to tackle high-interest debt. 

One of the first things your financial plan will include is paying down toxic debt, such as credit card balances, payday loans, title loans and rent-to-own payments. Interest rates are high on these loans and they can result in you paying two to three times more than what you borrowed. 

6. Investments will build your strategy. 

Finally, investments are an important part of financial planning in NJ. Some people think that investments are only for the rich, but they’re actually one of the best ways to build money no matter what you have in your savings. You can put money into a 401K plan or open a brokerage account. Your financial planner will help you determine what investments are best. 
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Looking to build a financial plan that makes sense for you and your family? Contact Leonard Financial Solutions to speak with a financial planner who will take the time to understand your needs and long-term financial goals. 



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10 New Tax Breaks...and 10 That Went Away

6/5/2018

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In December 2017, lawmakers passed the Tax Cuts and Jobs Act (the “Act”), a sweeping tax reform law that impacts you.

First, let's start with three tax concepts that were left intact:
1. Tax-free death benefit of life insurance.  Your beneficiaries can receive life insurance proceeds
free from income tax with very few exceptions.
 2. Tax-deferred growth of life insurance cash values.  You can grow cash values in your life insurance policy
tax-deferred, making permanent life insurance a great part of your financial portfolio.
 3. Access to cash value without current taxation.  When properly structured, life insurance policy cash
values may be accessed through loans and/or surrenders to basis without current taxation.

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Get Your Money Back With Return Of Premium Life Insurance

12/21/2017

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Protecting our loved ones from financial hardships when we can’t be there for them anymore is the main reason why we get a life insurance policy. But what if you only need to protect them from long term expenses such as the mortgage, a home equity loan or your children’s education? A return-of-premium-life insurance assures that you will get your money back if you outlive your policy term. This type of insurance guarantees that you’d be able to give your loved ones the financial protection they need.

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