Credit

By Paul Morrone CFP®, CPA/PFS, MSA

The ‘keeping up with the Jones’s’ mentality has never been more pervasive than it is today. Before the widespread use of social media, most people didn’t have an idea of what the rest of the world was doing aside from their neighbors, family and friends. With information about others so easily accessible as people continue to openly share details of their personal lives online, it necessitates frequent reality checks about spending, savings and living within your means. Remember, not all of us can live the Kardashian lifestyle.

By Paul Morrone CFP®, CPA/PFS, MSA

Cash is king, except when it’s not. You may be wondering under what scenario is cash not king, and that is when using it compromises your ability to do something else that may be more important from a long-term perspective. Let’s take the example of a young family who is actively trying to accumulate retirement. Their goal is to save $10,000 a year towards this goal and both spouses are about to make $5,000 year-end IRA contributions when they realize their car breaks down and they find out they need a new one.

By Paul Morrone CFP®, CPA/PFS, MSA

Credit cards may be one of the most widely used (or misused) and misunderstood financial tools we have available in today’s world.  Companies such as Visa, MasterCard and American Express have some of the most recognizable and popular marketing campaigns, all which have successfully made their products a global presence. While the majority of credit cards available to consumers look and feel virtually the same, as always, the devil is in the details. Selecting a credit card is an important process, as you will likely have it for years (if not decades) and you want to make sure that the card’s benefits align with your needs. For some, it may be simple and they may just be looking for a card to make purchases with as credit tends to be a more convenient (and efficient) payment method in today’s modern world. But the question becomes, what does all of this mean to you, and do you know what you’re really getting, even worse, what does it cost?

By Paul Morrone CFP(R), CPA, MSA

As you may know, the credit reporting agency, Equifax, experienced a data breach which may have compromised the personally identifiable information of millions of Americans. Our organization does not have a direct relationship with Equifax, however, many of the companies that you as U.S. consumers use on a daily basis likely report data to, or use data from, Equifax’s resources. Given the widespread nature of this event, we wanted to provide you with a bit more insight as to what happened and what you can do to protect yourself over the next few months.

By Paul Morrone, CFP ®, CPA, MSA

It sometimes feels like your credit score is conjured up by Oz behind the curtain.

For most of us the conversation isn’t whether or not we’ll need long term care, but rather when. According to the U. S. Department of Health and Human Services as many as 70% of those turning 65 years of age are likely to require long-term care, meaning that it probably makes sense to start planning for this as an eventuality rather than a possibility.

As we age, the odds of incurring an injury or major illness that will prevent us from performing simple daily functions increase substantially. Today, one in three people over the age of 65 will require assisted care of some sort. Past age 75 the odds increase to where one in two will need nursing care.