Category Archives: Financial Planning

Upcoming Financially Empowering Women™ Seminars

Baron Financial Group is committed to educating women on how to become financially empowered.  “Financially Empowering Women”, is our new series of educational programs focused on the financial needs of women. FEW is about understanding how money works and using it to help you, as women, live your life, on your terms.  We have the following FEW events coming up:

Allendale, NJ – June 13:

  • Location: Lee Memorial Library, 500 West Crescent Ave., Allendale, NJ 07401 ·
  • Date and Time: June 13, 2013 7-8:30pm

Morristown, NJ – July 11:

  • Location: Morris Museum, 6 Normandy Heights Road, Morristown, NJ 07960
  • Date and Time: July 11, 2013
    2-4pm or 7-9pm
  • These are the same two hour session presented at two different times.

 Three Session Seminars:

Franklin Lakes Public Library – September, October

  • Location: Franklin Lakes Public Library, 470 DeKorte Drive, Franklin Lakes, NJ 07417
  • Dates and Times: Sept. 25, Oct. 2 and Oct. 9, 2013 – 1:00 – 3:00pm
  • This is a series of three lectures for a total of six hours.

William Paterson University, Wayne, NJ – October

  • Location: William Paterson University, 1600 Valley Rd, Wayne NJ 07470 Room 1012
  • Dates and Times:  Oct. 1, Oct. 8 and Oct. 15, 2013 – 6:30 – 8:30pm
  • This is a series of three lectures for a total of six hours.

 For more information CLICK HERE

Contact Baron Financial Group at franw@baron-financial.com to learn more or to register.

Financially Empowering Women™: Divorce Process Alternatives

On Laura Mattia’s 4th episode of “Financially Empowering Women™,” guest speaker Bonnie Jerbasi discussed alternatives to the divorce process in New Jersey.  Bonnie is a lawyer and a certified family law mediator who gave some great tips on how to approach the end of a relationship with dignity.  Mediation is an efficient, smart alternative to the standard method of battling things out in a court room.  Laura and Bonnie discussed some hot button topics such as staying in the family home after a divorce and alimony.  

Click here to listen to the broadcast 

Financially Empowering Women™: Claiming Responsibility For Your Financial Empowerment

Today’s show is about inspiration and motivation. Laura talks to Jean Grossman, a Certified Life Coach, about the impediments to becoming financially engaged and what can be done about it. The discussion involves understanding your belief system and the values that motivate you to achieving the life you want to have. Examples and strategies are provided, including handouts that can be retrieved from here.

Click here to listen to the broadcast

Learn about financial fitness

Laura Mattia of Baron Financial Group discusses changes in the financial industry and the financial planning profession, in an interview in Mountain Lakes Living, by Kristen Totaro.

“As part of a new radio show, Financially Empowering Women™, I had the opportunity to interview Laura Mattia, CFP ®, MBA, CRP ®, and CDFA™.  Financial Planning is on the forefront of becoming a profession and Ms. Mattia is one of the pioneers forging the way to higher standards.  Today the hurdle to call oneself a financial planner is low but the way she sees it that is changing. The CFP® designation is slowly becoming the primary signal of competence and that is a good first step.  As a PhD candidate at Texas Tech University in Personal Financial Planning and a professor at Rutgers University, advising the FPA (Financial Planning Association) Student Chapter, Ms. Mattia envisions a true profession.  She believes that eventually a four-year degree in Personal Financial Planning will be a requirement, along with a license administered through the state, signal in competency and integrity and an overhaul to the current regulatory system…”

Click here to read more

 

Baron Financial Group’s first Women, Wine & Wealth

Laura Mattia.FEW.cmy#9C6339Baron Financial Group held its first Women, Wine & Wealth event, on February 13th 2013. The first in a series of educational discussions geared towards Financially Empowering Women. 

The educational discussion provided a forum for objective financial advice and the tools to make informed decisions to plan for successful retirement.  The attendees learned:

  • how to claim their financial power
  • why women need to understand  finance
  • why women are natural investors
  • how to start with their lifetime goals
  • how to understand their ability for risk
  • how to develop the confidence for success

 Speaker:

Laura Mattia, MBA, CFP®, CRPS®, CDFA is a PhD candidate, focusing her research on how to better prepare women for retirement and she is the radio show host on Financially Empowering Women with Laura Mattia.  Ms. Mattia works as a professor at Rutgers University and also periodically works with William Paterson University and Fairleigh Dickinson University, providing financial education.  In addition, she is a Principal at the Baron Financial Group in Fair Lawn, a Fee-Only, Registered Investment advisory firm.

Laura Mattia of Baron Financial Group presents “What is Financial Success and How to Achieve it”

Laura Mattia of Baron Financial Group , along with Jean Grossman, a certified life coach with GBP coaching, presented, “What Is Financial Success and How to Achieve it” to the National Council of Jewish Women in Essex County, NJ. The program on Wednesday, January 23, 2013 was designed to help attendees understand how to create goals and priorities to achieve financial success and how to identify road blocks to achieving them.

 

BFG’s first Wine and Wealth Event

Baron Financial Group held its first Wine & Wealth event  on  Wednesday, October 10, 2012. Wine & Wealth is a series of educational discussions, combining an interesting financial topic with Wine and Hors d’ Oeuvres, in an informal setting. Baron Financial  believes that education is empowering.  Their purpose is to provide clients with objective financial advice, allowing for informed decisions to plan for their successful retirement.   The first topic, “Planning your finances with your life goals in mind”, was presented by Laura Mattia and Chris Curran:

Laura Mattia, MBA, CFP®, PhD candidate in financial planning, is a Fee-Only financial advisor with Baron Financial Group and an adjunct professor at Rutgers University. Laura has over 20 years of teaching and industry experience.

Chris Curran is the author of Leap Beyond Your Limits, radio show host on New Jersey Business Radio, Cash Flow Radio, and others, Founder and President of Goal Ability LLC and Internet Media Broadcasting, Certified Life Success Consultant, personal and professional development coach, seminar leader and keynote speaker.

Future topics will include:

  • Money mistakes most people make
  • No question is too silly when learning about investing
  • What you should consider when planning for health care in retirement

For more information contact Baron Financial Group at 201-791-6408

Can You Roll Over a 403(b) Into a Roth IRA?

Jim Shagawat interviewed by CNN Money’s Austin Kilham on August 21, 2012.

My daughter has about $25,000 in her 403(b) account. She quit her job and has no income. Can she convert her 403(b) money into a Roth IRA this year? — Name withheld

Anyone can roll a 403(b) into a traditional IRA or convert it to a Roth IRA when they leave an employer, regardless of age. A Roth conversion may be a great choice, says James Shagawat of Baron Financial Group, an advisory firm in Fair Lawn, N.J. Without a job, her income tax bracket may be lower than if she had kept working, which means she may pay less in taxes if she converts her 403(b) to a Roth IRA. And by paying taxes on a conversion now, she won’t owe taxes when she starts making withdrawals.

That said, whether it’s a good idea for your daughter to roll those assets into a Roth IRA will depend on whether she has the extra cash to cover the income taxes triggered by the conversion. Shagawat warns that paying the tax with 403(b) funds will reduce the account’s value, and could end up triggering an additional 10% penalty for making a withdrawal before age 59 1/2. “If she can’t pay the taxes, she shouldn’t do it,” says Shagawat.

Another option: She can roll over her 403(b) into a traditional IRA. She won’t owe any tax on the rollover, but she’ll eventually see a tax bill when she begins making withdrawals.

— Austin Kilham

Should I keep my universal life insurance or invest instead?

Jim Shagawat answers a reader’s question in the Money Watch column by Christine Dugas, USA TODAY reporter.

 Q: I may get rid of my costly variable universal life insurance and invest the money through a broker or financial advisor. But I don’t want to get taken to the cleaner again on fees. What issues should I consider?

 A: Universal life is just a life insurance policy attached to an investment plan. Many consumers purchase variable universal life insurance from an agent who is paid a commission. Once you deduct the fees for the insurance premium, the commission and possibly other fees, the investment portion ends up to be a fraction of the original payment. Universal life is not an optimal plan to build or protect wealth in most cases.

 You may get hit with a penalty if you cancel the policy within the first 7 to 10 years. Make sure to ask the insurance company what you will have to pay in surrender fees if you exit the policy now.

 There is only one valid financial reason for keeping a universal life policy: You still need life insurance but your health has deteriorated and you are no longer insurable. Universal life can also be a great tool to help pay estate taxes. It has an option in which the death benefit increases through the life of the policy, unlike term life insurance.

 If you are healthy but still need life insurance, you can consider replacing your variable universal life insurance with a simple term life insurance policy, which for the same price will almost double the coverage.

 If you decide to hire a broker or financial adviser to invest your money, you should do your due diligence. Here’s how:

When looking to find an adviser — particularly a fee-only investment adviser, one who is compensated on their advice alone and not for the sale of any products — go to the NAPFA (National Association for Personal Financial Advisors) website at www.napfa.org. At NAPFA, you can search for an adviser in your area.

  • The same is true for the ChFC® (Chartered Financial Consultant), which is a financial adviser certification that requires extensive training. You can find a ChFC in your area by going to its website, www.designationcheck.com.
  • RIAs (Registered Investment Advisers) are different from broker-dealers and they are held to different standards. It is important to know the difference. Check Securities and Exchange Commission website to find information. Go to www.sec.gov, click on the office of Investor Education and Advocacy and there will be a link to “Check Out Brokers and Advisers.” Another good source for RIAs is www.WiserAdvisor.com, where you can search for an adviser for your specific goals.

 Among the questions to ask a potential broker or advisor:

 • How are you compensated? Are you a fee-only management firm, and don’t get commission from the sale of any products? This helps you know if they have a conflict of interest.

 • Can you provide references?

 • What are your qualifications and experience?

 • Will my money be kept at a trusted third-party custodian, like Charles Schwab?

 Avoid any advisor who says they can predict the financial markets. The stock and bond markets hold many uncertainties. There is simply no way to know what will happen year by year, much less day to day, and if anyone tells you differently, walk if not run in the other direction.

 The best way to prepare for long-term investing is to select a diversified mix of stocks, bonds, and cash that fits your goals, time horizon and risk tolerance.

 

Laura Mattia Discusses Financial Planning Issues for the Female Client

Laura Mattia was the guest presenter at the Greater New Jersey Estate Planning Council (GNJEPC) luncheon on March 14th 2012.  Laura spoke to attendees about the issues facing women, including women and retirement preparedness  and financial illiteracy among women.  Laura is currently pursuing her PhD in financial planning, focusing her research on how to better prepare women for retirement.

Laura Mattia Helps Couple Plan for Retirement in Star-Ledger Article

The Star-Ledger asked Laura Mattia, a Certfied Financial Planner® (CFP®) from the Baron Financial Group, to help a local couple see if they are ready for retirement.

Laura determined, after a full evaluation, that the Essex County couple’s goals were achievable.  Laura suggested they tweak their asset allocation to lower risk and volatility, and make satisfying their cash needs a little easier.

Click to read the entire article