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A Mid-Year Review Can Pay Off At Year End

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Scott Kahan
Scott Kahan
By Scott Kahan

Today, many people find themselves inundated by a constant stream of financial news. Yet, does all this “information age” data really help you manage your finances any better than in the past? The truth often is that the “old-fashioned” practices, such as periodic financial reviews, lead to greater success in the long run. As the year reaches its midpoint, why not spend a few hours reviewing your finances? The changes you make today could yield positive results in increased savings. Here are some important items to cover:

  • Analyze your cash flow. If you have any excess cash flow each month, start saving it. If you have a short fall, identify where you can cut back, rather than adding on more debt.
  • Develop a plan for your goals. Identify your goals and objectives. In other words, put together a road map of where you want to go. Then you can begin to figure out how to get there./li>
  • Boost your retirement savings. Pensions and Social Security probably will not provide sufficient income to maintain your existing lifestyle when you retire. Maximize your contributions to retirement accounts.
  • Review your portfolio. Review your asset allocation to make sure you are invested properly to reach your goals. Are you not taking enough risk, or too much risk? Are some of your holdings underperforming? Now is a good time to review and make needed changes.
  • Manage unexpected risks. As you undoubtedly know, life can sometimes throw you a “curve ball.” Without warning, a disability or untimely death can cause financial hardship for your family. Adequate insurance is an important foundation for your financial plan—it offers the protection you need to help cover potential risks and liabilities.

A mid-year review can help bring focus to your overall financial picture. A qualified Certified Financial Planner Professional can help ensure your financial affairs are consistent with your current and long-term goals and objectives. By tracking your progress with periodic reviews you will be in a better position to realize your future goals.

Scott M. Kahan, is a Certified Financial Planner® professional and President of Financial Asset Management Corporation, a fee-only wealth management firm located at 26 South Greeley Avenue in Chappaqua. Call Scott Kahan at 914-238-8900.

A Special Three Course Mother’s Day at Bistro 146

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Tell MOM How Much You Love Her with HUGS, KISSES, and a SCRUMPTIOUS 3 Course DINNER at Bistro 146 In Pleasantville!

happy-mothers-day-hd-771086Thank you for choosing Bistro146 The Seafood Grille! We Pride Ourselves serving the best Seafood around. Please come and have a taste of Quality and Freshness of the Seasonal Premium Fish And Shellfish in the Market at very Affordable Prices.

We are very Confident in what We do. Bring Your MOM and Spend sometime together,While Indulging in a very special 3 course Dinner Menu! Featuring: Soft shell crabs, Maine Lobster, Baked Oysters, Raw Oysters, Halibut Filet, Chateaubriand Steak,Colossal Scallops and Moore! Is the best time to give some love back to Her.

Bistro146

146 Bedford Road
Pleasantville, NY 10570

Call 914 495-3992 for a reservation.

The Truth about Crunches Plus Safer Alternatives

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By Matt Marucci 

A crunch might be the most common abdominal exercise, but it fails to accomplish the two most common goals of abdominal work: protecting the lower back from injury and toning your mid-section. If you can perform one single crunch, you have a six pack. Whether you can see it, is a matter of body fat. Decreasing body fat is a function of cardiovascular exercise and sound nutrition, neither of which is addressed by crunches. Crunches may enhance the appearance of your rectus abdominus, but this comes with some risk.

Crunch
Crunch

To understand the risk, let’s talk about your core–which is designed to stabilize the spine. Comprised of the transversus abdominus and deep extensors, these muscles act to minimize movement of your spine. Crunches and pelvic tilts require flexion of the spine (think of slouching in front of the computer): the antithesis of stability! Repeated flexion of your spine places stress on your vertebral discs and ligaments. Over time, such cumulative stress can increase your risk for lower back injuries.

Plank
Plank

Exercises like planks and side planks properly emphasize stability of the spine. You can even work your core by keeping your stomach firm while performing other exercises, such as pushups or rows. The difference is that your ability to keep your stomach tight should be the rate limiting factor for these exercises. For example, if you can perform 15 pushups with good form, you are doing a great job of strengthening your pecs and triceps. However, if you want to focus more on your core, you would perform only as many pushups as you can with your stomach tight. If you feel your stomach fatigue at seven reps, the exercise is done because you have fatigued your core. Bottom line: There are worse things you can do to your spine than crunches, but if your goal is to work your core or decrease your risk of lower back problems, you can do far better than a crunch.

Matthew Marucci, PT, MSPT, OCS, CSCS, is Chair, Hudson Valley District NYPTA, and owner of New Castle
Physical Therapy & Personal Training. www.newcastlept.net

 

Women and Finances

by

Scott Kahan
Scott Kahan

By Scott Kahan

You get in your car knowing you left plenty of time to arrive at the restaurant for your eight o’clock dinner reservations. Somehow, on the way you manage to make a wrong turn and get lost. Assuming you don’t have a GPS, what do you do? The stereotypical answer, which is probably true more often than not, is that men will keep driving around hoping to find their way. Women, on the other hand, will stop and ask for directions. So when it comes to finances and financial planning, is it any different?

Financial planning is about identifying your goals and objectives. Once this is done, the next step is to come up with the “road map” of how you reach your destination. Studies have shown that women deal very differently with their financial planning than men do.

Women often face more financial challenges than men as a result of lower salaries, prolonged career breaks, and relative longevity. Women tend to have smaller pensions or 401(k) balances, on average earn less than men while working, and are more likely to have part-time jobs with limited retirement benefits. Women also leave the workforce more than men to become family caregivers, further reducing their ability to save.

Whereas men are often more confident that they will have enough retirement income to live comfortably, women tend to be less confident in their knowledge about financial products and services and that they are on the right path financially. So logically this leads women to ask additional questions with the goal to become more knowledgeable about finances.

This way, when making financial decisions, having the information allows you to be more confident in that decision. When it comes to financial planning, being more confident with your decision making process allows you to stay the course and not panic with every headline or market drop.

So the next time you are lost and need help, stop and ask questions. Of course make sure the person you are asking is knowledgeable. By doing this, you have a much better chance of reaching that goal, whatever it may be.

Scott M. Kahan, is a Certified Financial Planner® professional and President of Financial Asset Management Corporation, a fee-only wealth management firm located at 26 South Greeley Avenue in Chappaqua. Call Scott Kahan at 914-238-8900 or write to skahan@famcorporation.com.