Today Rich and Jag look at ways to keep more of your money and give less of it to Uncle Sam.

First, we look at basic tax terms including

• Adjusted Gross Income (AGI)
• Above The Line Deductions
• Itemized Deductions
• Standard Deductions
• Taxable Income
• Credits
• Total Tax

Next, we tackle ways to reduce your W2 income:

• Contributing to a traditional 401k
• Funding a traditional IRA
• HSAs and FSAs
• Commuter Benefits

We also look at different investment strategies that can lower your tax burden.

Resources:

Email Richard: [email protected]

New Century Financial Group Website

Call Richard: 609-924-2049 x126

With June here, Richard Oring of New Century Financial Group joins Jon  Gay to take stock of where we are, almost halfway through the year.

• Things we've learned to live without in 2020
• Food and Medical Supplies
• Social Justice and Social Unrest
• Financial Issues
  • Interest - the difference between lending and borrowing
  • Low rates and refinance options
  • Don't be afraid to take advantage of governmental programs like PPP
  • Don't be afraid to ask lenders for a break.

Email Richard: [email protected]

New Century Financial Group Website

Call Richard: 609-924-2049 x126

Today, Richard Oring and Jag break down the CARES Act - the Coronavirus Aid  Relief and Economic Security Act - and what it means for you.  We cover:

• Recovery Rebate Checks for Taxpayers
• Retirement Plan Withdrawals
• Retirement Plan Loans
• Required Minimum Distributions (RMD's)
• Changes to Charitable Donations
• Unemployment Benefits

Resources:

IRS Publication 972

Email Richard: [email protected]

New Century Financial Group Website

Call Richard: 609-924-2049 x126
 

Richard Oring's phone has been ringing off the hook with calls from clients panicked over the coronavirus and what effects it will have on their investment accounts.  Today we cover some important things to remember.

When you set up your portfolio, you start with goals and what you need to achieve to get there. Once you have the plan in place, stick to the plan instead of letting your emotions get the best of you.

One of the most challenging parts of Richard's job is managing client expectations.  He walks us through his process and the safeguards he uses with client accounts.

And finally, the three questions you should ask yourself:

• Am I comfortable with the amount of money I have lost?
• Have my goals changed since I started this account?
• Is there liquidate assets from this account if I need to take out money which won’t result me from selling something in distress?

There are many mistakes that people make with their 401K accounts. Today we try to help you avoid those mistakes now instead of trying to fix them later. They mainly fall into three categories.

Contribution Level Mistakes

• Not putting enough into your 401k
• Not putting anything into your 401k
• Not increasing your contributions over time

Investment Mistakes

• Fund Selection
• Being too heavily invested in Company stock
• Panic when the market drops
• Not reallocating or rebalancing

Miscellaneous Mistakes

• Not doing a household budget
• Not knowing about Roth 401K's
• Understanding investment fees and risks
• Taking loans from 401K accounts without knowing the rules

Learn more:

Everplans Estate Planning

Email Richard: [email protected]

New Century Financial Group Website

Call Richard: 609-924-2049 x126

Nobody wants to think about their own mortality.  But careful planning can ensure that both your final wishes are granted as directed, and that your loved ones won't have added stress on top of their grief.

Richard and Jag discuss the advantages of digital organizers in today's episode.  Many, such as Everplans, can help you create a final plan.  And you can set it up to give access to who you want, when you want.

At the end of today's episode, Richard makes a very generous offer to anyone listening.

Learn more:

Everplans Estate Planning

Email Richard: [email protected]

New Century Financial Group Website

Call Richard: 609-924-2049 x126

In today's episode, we go inside your FICO score - first by explaining what it is, and the factors that go into calculating it. They are:

• 35% Payment History
• 30% Amounts Owed
• 15% Length of Credit History
• 10% Credit Mix
• 10% New Credit

In addition to breaking down each of these categories, we will also cover what's changing in the newest FICO Score 9 version. This includes changes in how medical debt and rent payments are counted.

Finally, Richard provides some key tips on how to monitor your credit report, dispute items, and maximize your score.

Learn more:

Email Richard: [email protected]

New Century Financial Group Website

Call Richard: 609-924-2049 x126

What is success? For some, it means financial security.  But it really can be so much more than that. In today's episode, Richard and Jon discuss both the big picture, and how you can set yourself up for financial success.

Learn more:

New Century Financial Group Website

Call Richard: 609-924-2049 x126

Expectations are crucial to any relationship, whether it's making them, meeting them, or exceeding them.

This is true for your financial adviser, your accountant, and even you as the customer.

Communication is key to setting reasonable expectations in any relationship. In our first episode, Richard Oring explains what to expect from your accountant and your adviser - and what they should expect from you.

Learn more:

New Century Financial Group Website

Call Richard: 609-924-2049 x126

Meet Richard Oring, of New Century Financial Group. Richard's unique background in taxes and accounting give him a unique 360 degree view of financial planning.

Learn more:

New Century Financial Group Website

Call Richard: 609-924-2049 x126