Financial Planning and Advice Blog for Syracuse

Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
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Financial Planning for Newlyweds

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By highpointadvisors April 4, 2017

The moment a couple says "I do," a lot changes. Newlyweds begin an emotional and fiscal partnership meant to endure for the rest of their lives. To start off on the right foot, they should recognize their financial partnership by establishing monetary goals, expectations, and plans together. The following are some tips from financial advisors worth considering.

The Challenge of Two Incomes

Although it's a pretty uncommon that two people can live as cheaply as one, they can still save money on rent, groceries, and shared transportation. Leftover income may create temptations like a bigger car, new clothes, travel, and more. Resisting the urge to overspend and applying this surplus to paying down any debt or saving, is a more prudent option. This cash can be considered a family's "working capital" to cover special needs that may arise.

Budget for the Future

If both husband and wife are working, try to budget on one person's salary and bank the other. In the years to come, one or the other may decide to change careers, go back to school, start a new business. If and when they start a family, one may want to stay home for a few years.

Retirement Planning

Consider future retirement plans. Though retirement may seem like a long way off, the earlier a couple considers their options, the better. Financial advisors can help newlyweds to understand their fiscal situations and help create a long-term plan for the future.

Company Contributions

Contribute as much as possible to a tax-deferred 401(k) or 403(b) to maximize the employer's matching contributions. Do the same for individual Roth IRAs and retirement accounts. Newlyweds should also consider separate accounts. The goal of retirement savings should be annual savings of at least 10 percent of gross income each year.

Catastrophic Health and Disability

Financial advisors suggest that newlyweds consider some coverage for the possibility of unexpected health or long-term disability and subsequent loss of income. Couples may want to begin to consider life insurance policies too. Newlyweds may experience some financial highs and lows on their journey together, but careful financial planning can help along the way....

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Finance Your Future: Save With Syracuse’s Thrift Scene

By highpointadvisors February 22, 2017

While financial planning can sometimes seem like an unobtainable goal, savvy savers know that trimming budget items is a great way to allocate money for future plans such as a home purchase, retirement, or even a dream vacation. For example, fashionistas who don't mind spending a day sifting through the racks can find some true gems at Syracuse thrift stores. Here are 3 of the greatest thrifting options in the city's burgeoning secondhand scene.

1. Cluttered Closet, 742 South Beech Street

The sheer scale of this shop means that bargain hunters are likely to stumble on incredible finds, with shoppers reporting they've scored vintage Frye cowboy boots for under $30. In addition to an expansive, expertly curated selection of pre-owned and vintage clothing, this is a great place to shop for costume jewelry, accessories, hats, shoes, and leather goods at rock-bottom prices.

2. 3Fifteen, 700 University Avenue

A city's university district is often home to some of its greatest thrift stores, and Syracuse is no exception. 3Fifteen is the best option near Syracuse University, notable for its hip, eclectic vibe. They specialize in trendy, gently used clothing at affordable prices and dorm and apartment decor and furnishings. If philanthropy fits into your financial planning objectives, you'll be happy to know that 3Fifteen's proceeds support Rescue Mission, a nonprofit that strives to end hunger and homelessness.

3. Thrifty Shopper, 112 Manlius Street

This is an East Syracuse location of a local chain specializing in not just clothing, but also furniture, decor, home goods, kitchen items, books, and much more. If you need to furnish an apartment or home on a tight budget, this should be your first stop. Whether you need new clothes or you're on the hunt for a new toaster, shopping at Syracuse thrift stores can help you work toward your financial planning objectives....

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