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BFG In the News: Victor answers readers’ questions about the best place to keep cash while paying off a mortgage

Victor Cannillo is quoted on this topic in an article in NJMoneyHelp.com by Karin Price Mueller, originally published on March 31, 2021. A reader with 14 years and $270k left on their 20-year mortgage and currently keeping those funds in an online bank earning 0.40%, posed the question, “Is there a better place to keep this money and earn some kind of yield without too much risk?” Baron Financial Group’s Wealth Management Principal, Victor Cannillo, offered this advice:

Investing Financial Planning Credit Baron Team Insights
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CARES Act: Paycheck Protection Program (PPP)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides additional relief for small businesses with the Paycheck Protection Program (PPP). The initial program, first signed into law on March 27th, stopped accepting applications in mid-April due to a depletion of the original allocated funds. As of Monday, April 27th, the federal PPP, through the Small Business Administration (SBA), started accepting new applications. If you applied for funding in the first round, you will remain in the queue and do not need to apply again. For more information go to

Financial Planning Credit
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Equifax Data Breach Settlement Claim

Update to the Equifax Data Breach Settlement (this post was updated on 8.14.19) Due to the overwhelming response to the Equifax Settlement Claim, those who opt for the $125 cash settlement may only receive a small portion. Instead, you might be better served by choosing the free credit monitoring. Robert Schoshinski, Assistant Director, Division of Privacy and Identity Protection of the FTC (Federal Trade Commission), had this to say on his July 31, 2019 FTC blog post:

Credit Baron Team
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Important Update Regarding Freezing Your Credit

This is an update to our September 2017 blog post concerning the Equifax data breach that occurred in September of 2017. Due to the data breach, we advised considering freezing your credit reports to stop thieves from opening new credit cards or loans in your name. Freezing your report also prevents you from opening new accounts, so each time you apply for a credit card, mortgage or loan, you need to lift the freeze a few days beforehand.

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Important Information Regarding Equifax Data Breach

You may have read that hackers broke into the Equifax database and stole personal information tied to 143 million people. Ongoing updates from Equifax about this incident are available at equifaxsecurity2017.com Baron Financial does not use Equifax for any services, but we are sharing this information for educational purposes. Equifax is one of the three main credit reporting agencies. They collect and maintain individual credit information and sell it to lenders, creditors, and consumers in the form of a credit report. What you should consider doing now:

Credit Social Security