Money Momma – Page 2 – Rockland NY Mom

Dining Out on a Budget- Italiana’s

Posted on June 23, 2015 by RocklandNYMom Posted in Food, Money Momma, Out and about..., Reviews .

Disclosure: This is a sponsored post as Jamie and her family were invited to a meal at Italiana’s. All opinions expressed are her own.

Dining out is one of my absolute favorite things to do. (T) and I lived in NYC for 10 years and I had the time of my life eating my way through all the delectable food that city has to offer. I am an avid runner and (T) is a recreational biker, but the dirty truth is that the ONLY reason either of us does any type of physical activity is simply to eat more. Yes, we are foodies. So upon becoming parents, we very quickly had to learn how to combine my love of dining out, with (T)’s love of saving money. Over the course of the next few weeks, the Money Momma will be sharing some of her favorite local restaurant picks, meaning they are both family friendly and affordable, as well as tips for dining out while staying on budget.

Tip #1: Choose a restaurant that serves family style

One of my best tips for keeping dining out affordable is to choose a restaurant that has a “served family style” option. It’s rare that either (R) or (S) eats their entire dinner, even a kid’s meal. We constantly order them each a meal upon their insistence that they are hungry and without fail we pay for a half-eaten grilled cheese. When we order family style, the meal comes in a large size and everyone shares. Italiana’s in New City is not only family friendly and delicious, but they have one of the best family style dinner deals in town. If you purchase a family style entree, you get a FAMILY SIZE pasta side dish for FREE! This is enough food for at least 2 meals for our family of 4. We have ordered this way several times and so far we have not had one thing that wasn’t insanely good. This deal applies to both eat in or take-out so it can be taken advantage of for a family night out or a quick stop on the way home from life.

If dining in is the experience you are looking for, this is a fantastic place to bring a family, have a date night, or even a girls night out. The main floor of the restaurant is spacious and there is also a gorgeous outdoor patio that is very quiet and has a bit of a romantic feel. (R) and (S) enjoyed watching the chefs cook their famous brick oven pizza (you can see the whole thing from the dining room) while (T) and I perused the more adult items. No matter what your drink of choice is, Italiana’s is likely to have it. They also have their own specialty drinks and a martini list. You can enjoy a history lesson in alcohol while reading their drink menu.

3 year old (S) is not very patient when it comes to waiting for his food (and really neither am I) so we really enjoyed the bread while we read the menu. As the waiter (who was quick and accurate) began to tell us the specials, which change every day, (R) began to chant “pizza, pizza, pizza”. We always have a temporary moment of panic when dining out with (R) because there are very few things she will eat. Italiana’s is always a good choice for us because they have pizza! The server even winked at us and said “I’ll tell them to leave the basil off.”

Since we were there to sample their food for this piece, we stuck to things that could feed a family of 4 for at least 2 meals. (T) and I chose a Caesar salad to share (this could have been an entree; it was so big), chicken parmesan, and a pasta Bolognese. The mozzarella cheese was so good we wanted to eat it by itself. And don’t even get us started on the desserts – Oreo stuffed zeppoles! The perfect size for (R) and (S)…

Throughout dinner, we routinely commented on how we felt like we were dining with our pretend big Italian family. The staff was happy to see all of their customers come in, many customers requesting their favorite server or favorite table (its always good to see returning customers, it means people like it). We even watched as 3 staff members respond super quickly and attentively to seat a walk in party of eleven, who brought diners ranging in age from 6 months to 80 years. It should also be noted that Italiana’s is fully equipped with a party room and complete audio visual equipment setup for any type of larger event. I would happily plan a baby shower here any time!

As we were gathering our four bags of leftovers (R) said to us “Wow. Their food was really good.” Enough said. (T) and I were able to have an “adult” meal with our kids. Fabulous food (no waste), great atmosphere, affordable, happy all around.

Enter RNYM’s Italiana’s giveaway! Give this post a like, a comment, and share on your own timeline for a chance to win a $100 gift card to Italianas!! Drawing to be done by third party website on 6/25/15.

Money Momma: Buying a Home on a Budget

Posted on April 27, 2015 by RocklandNYMom Posted in Money Momma, Specialty Items, Thoughts.., Uncategorized .

Disclaimer: This is an unsponsored post. This article is intended to be a general resource only and is not intended to be nor does it constitute financial advice. Any recommendations are based on personal, not professional, opinion only. Past performance is not indicative of future results. For illustrative purposes only.

Contributed by: Jamie Flesher

How to navigate the short sale and foreclosure market.

With springtime comes the home for home selling, buying and shopping! Tis the season for home selling, buying and shopping! It’s thrilling to picture your family in their new home whether it’s the first time or tenth time, and often times bittersweet to move out of the old home. I remember the first time we saw our now home in New City. I fell in love with the big window we have in our kitchen that overlooks the backyard. I pictured our then 2 year old and 1 year old outside on the swing set (that we would of course put up) and all I could do was smile. Yes, it’s thrilling! But it’s also a complex market that can be tricky especially since we are still creeping our way out of the real estate bubble collapse. Recent housing reports suggest that at least 40 to 50% of homes sold are either short sales or foreclosures. So this month, the Money Momma will address what it means when you come across a home that is a short sale or in foreclosure and some tips on what to expect.

Short sales and foreclosures are actually 2 very different types of home sales/purchases and operate differently. A short sale is when the owner sells the home for less than what they own on their mortgage. It’s kind of like using a coupon to pay off the mortgage. For example, if the bank is owed $300,000 on the mortgage and the owner of the home sells the home for only $275,000, they are $25,000 short. They can either take $25,000 out of savings, or work with the bank to use their “coupon”, aka the short sale. The bank is owed $300,000 but will only receive $275,000. A short sale can actually be a win-win situation for all. This is different from a foreclosure property in that a short sale property has not been taken over by the bank. It still belongs to a homeowner. Short sales are often good price deals for the buyer and can help the seller avoid having to go into full foreclosure. From the buyer’s perspective, you can often expect it to take a longer period of time to close. In essence, all parties involved are agreeing to take less money so it takes time to work through the details and these types of deals are riskier and can fall through. From the seller’s standpoint, a short sale WILL ding the credit score but not as severely as a foreclosure. If you wish to enact a short sale, talk to your bank about reporting the sale to the credit agencies as a full debt payoff. Sometimes they are willing to work it out. Buying or selling a home as a short sale is rarely a DIY project. Make sure you pick a good realtor who has a proven track record with short sale properties. One such realtor is Sheri Chablis of SOHN Real Estate Corp. If you have questions about short selling your home and have heard horror stories contact Sheri. She has become an expert in short sales and can often have them completed in 25 days to 2 months (a fraction of the amount of time it takes most people).

Foreclosure is different from a short sale in that the bank has taken over ownership of the property. The bank itself is selling the home and the buyer is purchasing the home from the bank. Think of foreclosure as a wholesale purchase of a home. There is no retail middleman. Losing a home to foreclosure can be a heartbreaking and emotional experience for any person. Before heading into foreclosure, it’s a good idea to meet with your bank about loan modification or the potential for a short sale. If the bank sends a notice of default (typically recorded), that means they have the right to attempt to sell the home at auction or on the real estate market. As with short sales, a foreclosure home can be a good way for a buyer to pay a discounted price for the home. However, that discounted price does come with some drawbacks. We must apply the mantra of “you get what you get and you don’t get upset”. Foreclosure properties almost always come “as is”. There is rarely any negotiating for home repairs or updates and sometimes the buyer is not even given the chance to inspect the property before making a bid. So, while there may be a good amount of money saved on the purchase of the home, that money may wind up being spent on home repairs and bringing the house up to code. Purchasing a foreclosure home is another project that is rarely DIY. Only an experienced professional can help navigate the paperwork and find suitable properties that are in relatively decent condition. However, if a buyer is patient, and has time to search for the right property, they can get an excellent deal in some great areas!

For more information on navigating real estate finances contact Jamie Flesher at NYMoneyMomma@gmail.com or 917.647.8267

For assistance navigating a short sale, or using a short sale to sell your home, contact Sheri Chablis at SOHN Real Estate Corp. 845.639.HOME (4663). Sheri has a proven short sale track record and is often able to navigate them safely and in record time.

Mountain Creek, Take us Away!

Posted on February 24, 2015 by RocklandNYMom Posted in Day Trips, Money Momma, Out and about..., Reviews .

Disclosure: This is a sponsored post as Jamie was invited to visit Mountain Creek. All opinions are our own.

As any parent knows, traveling with a 4 year old and a 2.5 year old is usually the opposite of relaxing. Just thinking about a long car trip or worse yet, flying with my kids, is usually enough to get me worked into a full tizzy before I have even begun the process of packing the entire family. Of course we love the actual experience of being away and making family memories, but the travel part is just down right dreadful. This past weekend, (T) and I found our solution to this problem at Mountain Creek Ski Resort in Hamburg New Jersey (ps- did you know they have tons of fun for summer time too?)!

Mountain Creek resort is an absolute perfect get-away for families in the lower New York and New Jersey areas. From my home it was roughly an hour and ten minute drive but we felt like we were literally miles and miles away. There are several hotels to choose from but because of the close distance, Mountain Creek also makes an excellent day trip. Since we wanted a real get-away experience, we chose to stay overnight at the Grand Cascades Lodge. When we arrived at the hotel we noticed had a very Colorado type feel. (T) is an avid skier who has been to ski resorts all over the country and even he was commenting on how pretty the grounds were. (R) and (S) immediately ran up to sit by the fireplace and enjoy the views of the mountains while I checked in and was given an introduction to the different activities that would be going on throughout our stay (click here to check them out in advance). There was so much to choose from besides just skiing that (T) and I had a hard time deciding what (R) and (S) would like the best. The room itself continued with the western decor and it overlooked an indoor/outdoor pool that was nice and warm. Honestly though, I didn’t care what the room looked like. The best part of this room for me is that we COMFORTABLY fit 2 queen beds, a pack-n-play for (S), a changing area for (S), and all 4 suitcases. It was also very clean with amazing tempurpedic beds. The room was clearly designed with families in mind.

After dropping off our suitcases, the 4 of us set off to tour the hotel and have dinner in the Crystal Tavern, one of several on-site restaurants. It was a fun walk we passed a candy shop and even let R and S pick out their dessert before having dinner. The restaurant itself is a little bit upscale, but still packed with families. This was a comforting sight to us because it meant we were going to get to enjoy some good food and drinks and not have to worry if our kids were disrupting other diners. The menu had something for everybody, including a great kids menu. (R) and (S) got a big kick out of the chairs. They were large and the restaurant uses big pillows as their booster seats. Both (R) and (S) were pretending to be king and queen as they sipped their strawberry smoothies and ate their grilled cheese sandwiches (all those choices and that is what they wanted). After dinner and dessert we headed off to an outdoor marshmallow roast for the kids around a warm camp fire right outside on the balcony of the hotel. There is also a family movie night with popcorn 7 nights a week. There is no lack of child friendly evening activities. (R) and (S) both slept well (always a worry when away) and were up and ready for the ski lesson the next morning.

(T) fluffs Queen (R)’s pillow at dinner.

We headed around the bend for a ten minute drive to the mountains for skiing. It was a very easy drive and parking was free. Note to families with younger children: the walk from the parking lot to the ski lodge is long and not stroller friendly. There is a shuttle bus that can take you but the best idea is to drop off all the kids and equipment with one adult while another parks the car.

Once we got to the lodge we went to rent some skis for (T). The line moved very quickly because everything is electronic. In fact, one can reserve their rental and fill out their information online prior to even arriving at the lodge. Once (T) was suited up and ready to ski, we went over to the Kids Kamp to drop (R) off for her lesson. We were very impressed with the way Mountain Creek handled ski camp for the kids. It was a drop off program which eliminated the stress for us of getting her into all of her equipment and out onto the slopes. They fit her for everything, got her geared up, and brought her out onto the training area to get started. There is both full day and half day camp to choose from. Unfortunately, at age 2 and a half, (S) was too young to participate and too young to go up on the bunny hills with (T). He would enjoy playing in the snow and looking at all the cool sights. I was very comfortable with the child to instructor ratio. There were plenty of kids in the camp but each instructor was responsible for only 2 young skiers, which meant the kids were both safe and learning. The kids were also broken up by skill level which allowed the instructors to really focus on progressing each child. Parents were allowed to stay and watch if they wanted. (R) progressed through each phase of ski camp and by the end even had enough self-confidence to let go of the instructor and ski by herself. (R) reported that she had a great time, but that the best part was hot chocolate at the end with her new friends (my social butterfly). She was returned to us back in her own shoes and with a report card to let us know how she did. We had the option of keeping her equipment for the rest of the day at no extra cost but we returned it since we knew we would be hitting the biosphere after lunch.

(R) all ready for her lesson!

While (R) was enjoying Kids Kamp, (T) went to ski the black diamond slopes and reports back that Mountain Creek has nice runs. He was also happy to see that the mountain uses half gondolas. Not only does that get him up faster, it means they are aware that there are a lot of families and a gondola is better for a group than a chair lift. After everyone was done with their skiing and lessons, we headed off to lunch in the lodge, which had both a cafeteria and several restaurants to choose from. There was plenty more to do at Mountain Creek’s main area like snow tubing, obstacle courses, night skiing, snowboarding shows, and more, but we had a different plan in mind.

Beautiful outdoor fire pit.

Think of the coolest indoor pool you have ever been to then combine it with feeling like you are swimming in a Hawaiian lagoon. That’s what it was like to swim in the Grand Cascade’s biosphere. The giant pool was warm, surrounded by rocks, gorgeous foliage, an indoor swim up aquarium, with a water-slide. (R) and (S) jumped right into the water with us right behind. The kids were so excited to get to “swim with the flowers” they called it. I was happy that the water was warm and it was a very relaxing atmosphere. They provided us with towels and locker rooms so there was no need for me to schlep around anymore of our belongings. The kids were absolutely mesmerized by the indoor/outdoor pool. The pool was set to a temperature of 96 degrees and allowed us to swim in the snow!! (R) and (S) had never seen anything like it before and it for those who have never tried it, it’s a really cool experience.

We were sad when our little getaway came to an end. (R) and (S) made us promise to bring them back in the summer to experience the water-park and zip-line. We headed out around 5pm and were back home in time to make dinner that night. What was really great was that throughout our visit we noticed many different groups of people there, not just families, this is a getaway perfect for any stage (young adults, singles, couples, and families! Mountain Creek Resort is a great place to visit!

All tuckered out and ready to head home.

Made it through the whole review? You will be glad that you did….. How about a lift ticket give-away (we have 3 we will be giving away!)? Go to our Facebook Page www.facebook.com/rocknyom and “like, comment and share on this post” to be entered. Don’t have Facebook ( they are not affiliated with the giveaway)? We still love you. Comment on our Become A Part of RYNM page and tell us your favorite part of our site!

From Geek to Glam

Posted on December 11, 2014 by RocklandNYMom Posted in Money Momma, Out and about..., Reviews, Specialty Items .

Disclosure: This is a sponsored post. All opinions expressed are the opinion of Jamie who authored this post.

I don’t often get the opportunity to dress like a human. I really mean that. Most of the time I am in my mommy clothes or so focused on whatever financial analysis I am working on that I don’t (or can’t) take the time to accessorize my clothes or make myself look like anything more than a finance geek. That’s why this week I was so excited to get to spend the morning with the very fashionable and talented Artistic Consultant, Elizabeth Manna. As an Artistic Consultant, Elizabeth focuses on all areas of design, from fashion and jewelry to interior decorating. Today, she was here to focus on jewelry.

When Elizabeth arrived at my house I had to warn her that she was catching me at a vulnerable moment. I was in the middle of a very complex family budgeting analysis and incredibly stressed out about a family photo shoot we were having later that afternoon. In essence, I was in full on finance geek + mommy mode. If she was going to make me look and feel glamorous, well, she had her work cut out for her.

Here I am looking like my finance- mommy self….

Elizabeth is just one of those people who always looks effortlessly pulled together. I am NOT one of those people. In fact, I wear the same jewelry every day. Luckily, no matter how little or large one’s fashion and design sense is, Elizabeth can remedy the situation. I found her consultation services to be incredibly valuable. I learned a lot about how to pair jewelry with all the different clothes in my closet. In particular we focused on three areas: my outfit for the later photo shoot, my dress for an upcoming function, and my every day work clothes.

As I was carrying down the sweater I planned to wear to the photo shoot, the first thing Elizabeth said was that since the sweater has a belt we should not look at any long pieces. I hadn’t even put the sweater down yet! She works that quickly. Seconds later, she had picked out my earrings and bracelet from her stash (jewelry lovers will want to dive head first into this stash and she does allow purchases), showed me how to wear it properly, and explained why these particular pieces of were cut correctly for this outfit.

Photo-shoot taken care of next step: The little black dress for the upcoming function. Because the dress is black, Elizabeth explained that we should pop some color. She also explained that wearing a longer necklace will draw the attention away from my belly (an area of particular difficulty for me) and onto the necklace instead. I had always that it would be the other way around. Go figure, I was wrong!

The little black dress and the “pop” of color needed to dress it up a bit and pull it all together.

We also spent time accessorizing my work clothes. One big thing I learned was that accessories do not take away from the professionalism of an outfit. Accessories ENHANCE the professionalism of an outfit and many accessories can work multiple ways with multiple outfits. In fact, the same bracelet that I am wearing to the casual photo shoot will be worn with the little black dress (I love the economics behind that, a diverse piece or two is key!).

All dressed and ready to go, wearing my amazing and diverse bracelet.

Working with Elizabeth was such a fun experience. I felt comfortable the entire time and could tell she really loves making her clients feel put together. For the remainder of this month, she will also be offering pieces from the Lia Sophia collection at 50% off.

Elizabeth can be contacted directly to make a purchase, book a consultation, or set up a design party with your friends. I also understand that these parties sometimes include wine and cake. .

Elizabeth Manna can be contacted at

845-709-4466

elizabethmanna524@gmail.com

https://www.facebook.com/liasophia.elizabethmanna

Elizabeth will be representing Lia Sophia at the Albertus Magnus High School Christmas boutique on December 13^th. Everything in the catalogue will be sold at 50% off so make sure to check in with Elizabeth to get all the savings!

Where to Find your Daycare Dollars

Posted on October 7, 2014 by RocklandNYMom Posted in Money Momma, Thoughts.. .

Navigating the financial world is difficult, especially when you add a new component to it like children, or the dreaded CHILD CARE! As discussed in some of our past posts by Jamie the ‘Money Momma’ child care can sometimes cost almost as much as you are making. This is sometimes even a deciding factor in how many children a couple may have, or whether or not a parent leaves the workforce. Fortunately, there are some systems in place to help young families with these costs, which Jamie discusses below.

Child care is one of the largest expenses that young households face when the primary caregivers are employed outside of the home. Despite the many different options we have now a days to choose from, cost of childcare continues to rank pretty high in terms of financial burdens of our parenting demographic. It is with that cost in mind that the Money Momma explains how to reduce your childcare expenses using an employer sponsored FSA (Flex Spending Account) plans or the US federal tax credit.

The cost of childcare is crippling for many, leaving us wondering where to find the money.

The first thing any dual income family should do after choosing the right childcare for their family is contact the company HR department and ask if “flexible spending for dependent care (FSA)” is offered as a benefit. Under federal law, this benefit allows a family to put away funds PRE-TAX from each paycheck into a special account, up to a certain amount per year, (currently $5,000 for married households and $2,500 for single filers but always subject to change). The funds in this account are then used to cover the cost of dependent childcare, as long as that childcare meets the necessary requirements. We discuss salary in pre-tax dollars but childcare is paid in after-tax dollars. The appeal of this strategy that is those dollars sitting in the special account will be paid directly to the childcare facility without the government taking taxes out first. This means that each dollar is actually worth the whole dollar. Contributing money to an FSA plan will also help reduce a family’s federal income tax bill.

If a company does not offer flexible spending for dependent care, parents may be able to claim the cost of childcare on their tax return under the “dependent care tax credit”. This Credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13. A tax credit is kind of a cool concept and it acts just like a store credit (like those I always seem to have at Target). This is different than a tax deduction. If a filer has a $1,000 tax credit, he can use that to pay his taxes instead of his own money. The amount of any family’s tax credit for dependent care is based on many factors such as income, cost of childcare, and structure of the payments.

In few cases, a family will get to benefit from both an FSA plan and a tax credit (generally speaking, they cancel each other out). The rule is that the amount of childcare expenses claimed must be reduced by the amount that a family put into the FSA plan. If a family has to choose either the FSA or the credit, the FSA is usually the winner in terms of tax savings. There are some ways to benefit from both options if a family has more than one child. A finance professional such as Jamie, the ‘Money Momma’ can help any family determine how to make the most of their childcare savings.

Further questions about daycare dollars can be posted here or sent directly to the Money Momma at Jamie@flesherfinancial.com, NYMoneymomma@gmail.com, or 917-647-8267.

GiGi’s Playhouse and RYE PLAYLAND-Mark Your Calendars!

Posted on September 19, 2014 by RocklandNYMom Posted in Good Cause, Money Momma, Out and about..., Thoughts.., Uncategorized .

Disclosure: This is an unsponsored post. All opinions expressed are my own, and those of Jamie the ‘Money Momma’.

As you know RNYM is dedicated to serving the community, specifically children’s causes. We are always happy to post a fun/walk/fundraiser on the site to benefit a children’s charity. I am at a loss for words for the outpouring of support that we received for Gabi’s Party, and the generosity of our community. It is truly amazing to see a community come together the way that it has.

One of the most amazing things about having kids is how much the definition of fun changes. All of a sudden the word fun is defined by watching someone else have a good time. Seeing our kids smile and enjoy life is by far the greatest reward there is in parenting. Then there are the great times where we get to combine fun with a worthwhile cause. It is with that idea in mind that on October 12, 2014 RocklandNYMom.com invites you to cheer on Chief Editor Megan Johnston and Financial Columnist Jamie Flesher as they take on a 5K run and 1 mile, kids included, inspirational walk through RYE PLAYLAND to benefit GiGi’s Playhouse, a Down syndrome achievement center. GiGi’s Playhouse services children and adults of all ages, each Playhouse provides educational and therapeutic programs at no charge to families; and in a format that individuals with Down syndrome learn best. All programs aim to maximize self-confidence and empower individuals to achieve their greatest potential.

By way of background, this is not just any charity to Megan and Jamie. GiGi’s Playhouse is of utmost importance to a little boy who is very special to us and all 4 of our kids. (O) is an adorable and sweet 3 year old with Down syndrome. He also happens to be a good friend to (A),(E),(R), and (S) since all the kids attend Busy Bee Playschool together. So we thought why not have some fun together at Rye Playland, support a cause that is special to us, and get our cardio in all at the same time? We also know that the day just would not be the same without our RocklandNYMom.com readers there to show their support in whatever manner they choose. We are running, walking, dashing to bring GiGi’s Playhouse to Westchester County. They are in the home stretch to their big grand opening. The goal is to build GiGi’s Playhouse for all kids, teenagers, and adults with Down syndrome. The achievement center will show everyone what individuals with Down syndrome can really do – the sky is the limit!

The gang gives (O) a group hug while playing after school.

To read more about (O) and his journey or support (O)’s team, click here: http://gigisplayhouse.donorpages.com/Race2014Westchester5K/TeamLivingtheDream/

To read more about GiGi’s Playhouse, click here:

gigisplayhouse.org

To Want a Root Canal

Posted on September 17, 2014 by RocklandNYMom Posted in Money Momma, Reviews, Specialty Items, Uncategorized .

Disclosure: This is an unsponsored post. All opinions are those of Jamie our ‘Money Momma’.

We see so many questions and posts about where to find a good dentist. People are inquiring all over the boards. It’s those frequent posts paired with Jamie’s amazing experience that she had just had with Rothstein Dental that prompted this one.

Terrified does not even begin to describe how the dentist makes me feel. I have no idea why or how this fear came to be. Nothing bad has ever happened to me at the dentist…ever. Nevertheless, the terror crept in when one of my back, right teeth began to hurt so badly that I was forced to make the dreaded call to the man with the drill.

Rothstein Dental has very convenient hours, sometimes opening early, sometimes closing late. I waited until 9:00 when I knew someone would be answering the phones and was told that since I was in pain, I should go ahead and come over right away and they would get me in at 9:10. This was one of many ways Rothstein Dental impressed me. Unfortunately, I was not able to take them up on their accommodation because 2 year old (S) cannot be dropped off at camp until 9:15. Not to worry. They understood and set me up with a 10am appointment with Dr. Michael Rothstein.

I arrived at 10am terrified as usual. They took me back right away and even tried to help me relax by offering me bottled water and soft music. I barely had time to press play before Dr. Rothstein was in the room beginning the exam. After some X-rays and a thorough exam it was determined that the tooth would need a root canal. HERE is where the real fun began. I was in the office on a Tuesday. Root canals are done by Dr. Blum, the root canal specialist, on Wednesdays (standard practice in most offices), and we were leaving for a 10 day beach vacation that Friday. Talk about bad timing!!

It’s dangerous to let a necessary root canal procedure linger more than a week or so because there is a risk of infection. Since I was not going to be in Rockland county the following Wednesday, they got me in to see Dr. Blum the very next day. There wasn’t even a hesitation to accommodate my vacation. The very first thing they said was “we will get you in tomorrow”. In addition to needing to be seen immediately, I also had a VERY small 2 hour window in which (S), my 2 year old, would be in camp. In order to fit me in, they had to rearrange the entire next day’s schedule. This meant calling every single appointment Dr. Blum had the next day and changing the time. I was seriously impressed but more than anything just so grateful for how accommodating everyone in the office was. That was no easy feat.

For the record the root canal itself, it was a totally painless procedure. They were aware of my dental fear and without my even having to ask took great care to make sure I was totally numb, understood what was happening, and knew exactly what the follow up care should be. I left without pain less than 90 minutes after I walked in the door. Dr. Blum gave me some pointers to keep the pain at bay. I can happily say I ate all the food I wanted on vacation without any pain in my tooth.

We are now excited to tell you all that Rothstein dental is offering an exclusive deal for all RocklandNYMom.com readers of 50% off any teeth cleaning booked during the month of September and 10% off any cleaning booked thereafter. Rothstein Dental takes most insurances and can be reached to make an appointment at 845-634-8866. Visit http://www.rothsteindentistry.com/ for more information on Rothstein Dental.

The Money Momma Responds- 529 Follow-up

Posted on August 26, 2014 by RocklandNYMom Posted in Money Momma, Thoughts.., Uncategorized .

Last month, we published a much anticipated Money Momma column regarding some useful information about 529 plans. Since so many of our readers were seeking additional information, this month we strive to answer questions regarding what type of investments are right for a 529 plan, especially for a resident of NY State.

The reality is that there is no single easy answer to this question. It mostly boils down to knowing that “it depends”. In fact, it actually depends less on what state one resides in and more on the current age of the student and the risk tolerance of the adult account owner. This means that the “best” investments are often different for every situation and every family. Flesher Financial Services can review any personal situation in detail and determine which investments are best for a particular 529 plan. However, here are some general guidelines to follow.

Your State:

Depending on the state of residence, it may be a good idea for tax break reasons to use a state run 529 plan. For example, New York allows 529 contributors to deduct up to $5,000 per person ($10,000 for married couples) in contributions to the plan. For most families this is a substantial deduction, especially since one does not have to itemize the rest of their deductions to take advantage of this tax break. So, even if nothing else can be deducted, these contributions can still be deducted from your gross income.

Age matters:

The number of years left to prior to a child entering college is an important factor when determining what the “best” investments are. If there are several years (5+) before these funds are needed to pay for college, a little extra risk can and probably should be afforded. When a child is younger, the primary goal of a 529 plan is to grow in value so that there is enough money to pay for college. This means taking on risk in an effort to reap investment reward. However, once a student gets closer to when these funds will be needed to pay for education, the primary goal of a 529 plan becomes preservation and risk should be reduced.

Comfort level:

Risk tolerance of the account owner, usually the parents, also plays a role. Even if aggressive growth is the goal of the 529 account, it’s not always symbiotic with the account owner’s ability to stomach account value fluctuations. If opening a statement to discover the account has lost 20% one year is something that sends your family into a meltdown, aggressive growth is probably not the best choice even if it numerically makes the most sense. Account value fluctuations are going to happen; it’s a fact of investing. But for those who feel extremely risk adverse, walking away from some upside potential may be worth it to avoid the potential for a larger account value swing.

As always, these are just general guidelines. Every situation is different and should be evaluated in detail prior to investment decisions being made. Contact Jamie Flesher at NYMoneymomma@gmail.com, Jamie@flesherfinancial.com, 917.647.8267, or comment below for more information about your family’s 529 plan investments.

5 Facts About 529 Plans…

Posted on July 28, 2014 by RocklandNYMom Posted in Money Momma, Thoughts.., Uncategorized .

Saving for college tuition is a thought that makes most parents break into a cold sweat. For a child born in the last 5 years, it is estimated that the cost of that child’s college education will be something around $250,000. And that’s for a public school. While some people are fortunate enough to be able to afford that easily, the vast majority of parents will need to have a savings plan in place very early if there is a desire to help children pay for higher education. There are various ways to save for college, such as traditional cash savings accounts, trust accounts, and bearer bonds. But, today one of the best ways to save and invest for a child’s higher education is with a 529 plan. In fact research shows that more and more parents are opting for 529 plans over other savings options. In response to several inquiries that we have received, this month RocklandNYMom’s own Money Momma will explain 5 facts about 529 plans.

1. The best part about a 529 plan and what makes them so popular is that they grow tax deferred. This is a really big deal when it comes to saving up a large amount of money. With most other types of savings accounts, the government taxes the money earned. (This is a general statement. How and what the government taxes depends on the investment itself). These taxes are a fee the government collects in exchange for earning money in our capital markets. For most savings accounts they collect this fee all throughout the life of the savings account. A 529 plan is permitted to grow in value without having to pay this tax fee to the government. Theoretically, this tax treatment allows the account value to increase at a faster rate than if the account was subject to taxes. In other words, it’s a really big deal.

2. 529 plans have plenty of investment options to pick from. The right investment option typically depends on the age of the child as well as the guardian’s risk tolerance. For example, a child who has 10 years before they enter college can take on more risk than a child who enters college in 2 years. The reason for these differences is that if the account loses value in the market, there is still plenty of time in the 10 year scenario to earn that money back. If the account loses value in the 2 year scenario, the money may be needed before the account can recover what it lost. A good rule of thumb is that a market cycle is 5 years. If there is more than 5 years before college, appropriate risk should be considered in order to have the best chance at returns. Growing the account is the #1 priority when there is a considerable amount of time before the money is needed. As the child gets closer and closer to the time these funds will be used, preserving the account becomes the #1 priority and risk should be reduced.

3. One of the most misunderstood facts about a 529 plan is what happens to the money if the child chooses not to attend college. If the child does not go to college, the money comes back to its owner, most likely the child’s parents. The money is not lost or given up but there will be a tax and/or penalty assessed for the privilege of not using this money on college education. This possible penalty and tax however should NOT be a reason to turn away from a 529 plan and here’s why. The contributions made to the plan through the years are not what is taxed. It’s the investment earnings that will be taxed and those would have been taxed somehow along the way anyway, regardless of how the money was spent. At Flesher Financial we help clients every day figure out what the penalty cost would be of not using the money in a 529 plan. While there is cost, it’s generally not a high as people think. Also keep in mind that a 529 can be used for trade school or re-gifted to another family member should the designee choose not to attend a traditional college setting. There are provisions in place for those who save too much money as well (what a fantastic problem to have!). The bottom line? Money not used for college tuition is returned to its original owner.

4. It is instinctual as a parent to put your children’s’ needs ahead of your own. It may sound hard to believe but when it comes to saving money for the future that probably isn’t the best strategy. It is very important to have your own retirement plan in place prior to putting money away in any type of college savings plan. There are all different types of loans and scholarships available to help pay for college education but there is nothing of the sort available to fund retirement. If there is not enough money put away for college the money can be borrowed. If there is not enough money put away for retirement, it can be a very frightening experience.

5. Finally, the correct 529 plan to choose depends on what the tax rules are for the state you live in and the fees associated with that 529 plan. For example, at the time of this writing, New York state gives its tax payers a $10,000 per family income tax deduction on contributions to New York state 529 plans as long as the contribution is being made by a plan owner. Flesher Financial Services works with clients to weigh the costs and benefits associated with different plans and choose the one that is right for that family.

Further questions about 529 plans can be sent directly to the Money Momma at Jamie@flesherfinancial.com, NYMoneymomma@gmail.com, or 917-647-8267.

To Work or Not to Work…

Posted on June 24, 2014 by RocklandNYMom Posted in Money Momma, Thoughts.. .

As many of our readers are aware Jamie our Money Momma was recently asked to write a piece for Flexjobs about how parents can prepare for re-entering the workforce. This month I will repost her article by linking you to it (with their permission of course). The article appeared here. ENJOY!!!

To get started on your situation and see the complete list of tips or purchase the custom flow chart that includes a one hour consultation, contact Jamie Flesher at Jamie@flesherfinancial.com or 917-647-8267. Visit our under-construction web page soon. Flesherfinancial.com

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