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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4 Telltale Signs that You Need a Financial Advisor

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By highpointadvisors May 15, 2018

Family Spending Time TogetherWhile virtually all Americans can benefit from meeting with a financial advisor, the majority of the population manages financial matters on their own. If you’re currently a do-it-yourself financial planner, it may be time to consider seeking the advice of a professional, especially if you notice these four signs. 1. You’re starting a family. Getting married and having kids present some of the biggest financial challenges. Between joining finances, managing the cost of raising a child – which is about $233,610 per child (Time, 2017) before factoring in college – and considering life insurance, estate planning, college savings and more, this exciting time in your life can also be massively overwhelming. At this juncture, a financial advisor can help put you on the right track. 2. Your savings are all in cash. While a rainy day fund and emergency savings are absolutely crucial, having more than you actually need in cash can be counterproductive. That’s because cash kept in your extremely low-interest savings account isn’t being aggressively invested to maximize its worth. Working with a financial advisor, you can learn how to allocate your funds that aim to generate income and build your net worth. 3. You’re unsure about your insurance needs. Do you really need life insurance? What about disability insurance? Financial advisors are often well-equipped to assist you with choosing life insurance, disability insurance, long-term care planning, health insurance and more, helping you understand how insurance will affect your cash flow situation and assisting you with making a cost-effective insurance decision. 4. You’re nearing retirement. As you edge closer and closer to retirement, the three primary questions you probably have are: am I financially ready to retire, when should I file for Social Security and how can I make my money last for as long as possible? An experienced financial advisor can answer these questions, helping devise a strategy that works towards a comfortable retirement that lets you spend time doing things you love and focus less on your finances. Serving Syracuse, NY, HighPoint Advisors, LLC helps Central New Yorkers create comprehensive strategies to pursue their financial goals. Learn more about our financial services by contacting us today at 315-627-0474315-627-0474. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy can ensure success or protect against loss....

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5 Ways Women Can Overcome The Wage Gap

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By highpointadvisors March 26, 2018

Business Woman – HighPoint Advisors Even though the wage gap continues to narrow, it still significantly affects how much women are earning compared to men. In fact, the average woman who works full-time over a 40-year period loses about $435,000 in lifetime income because of gender inequality (Money). This means that, on average, women have less money to support themselves and their families and they’ll have less money saved when it comes time to retire. This is because Social Security income and pensions are determined by wages. The wider the wage gap, the less financial security women will have later in life when compared to men. And since women tend to live longer than men, they have to find ways to make their retirement funds stretch. Luckily, people are working to improve the wage gap all over the world through legislation. And while legislation certainly helps, there are things women in the U.S. can do right now to help overcome the wage gap.

1. Negotiate Your Salary Early On

By negotiating pay at the beginning of your career, it won’t be so hard to catch up later on – especially considering most employees use their salary from a preceding job to negotiate a salary for a new job. Before approaching your boss about your salary, arm yourself with facts. Do research on sites like Glassdoor and talk to your colleagues who have similar positions to compare how much others are being paid. This will help present a solid, data-driven case to your company about how much you’re worth.

2. Save as Much as Possible

Another way to overcome the wage gap is by managing your wealth in ways that’ll benefit you in the long run. In general, you should be saving anywhere from 15 to 20% of your income. But if you can save more, especially through IRAs and 401(k)s, you’ll be able to generate more funds in time for retirement.

3. Invest Aggressively

Women aren’t generally known for making aggressive investments, but don’t let that hold you back. Educate yourself about the market and learn how to take calculated risks in order to work towards increasing your chances of success, especially if retirement is still 10 or 15 years away.

4. Delay Retirement

In order to earn the same pay as men, the typical woman has to work 11 years longer. Unfortunately, that’s not the most ideal or realistic situation. But if you can delay your retirement even by a few years, that’s more money you’ll be earning to put toward your retirement.

5. Choose a Financial Advisor that Will Advocate for You

When choosing a financial advisor, make sure it’s someone that understands a woman’s unique situation in the workplace. This will help them structure a plan that manages your wealth and positions you to overcome salary inequalities. With a strong financial advisor, you’ll be able to take those calculated risks, make strategic investments and establish a stable financial future for you and your family.

Start Planning for the Future

The wage gap doesn’t just affect your weekly paycheck. It plays a significant role in your retirement funds and financial security throughout every stage of your life. At HighPoint Advisors, we’ll provide a personalized wealth management plan to help assist you in overcoming any financial inequalities. Discuss your options by contacting us at (315) 627-0474. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual....

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