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© 2024 Financial Matters with Richard Oring
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Richard Oring and Josh Levitus discuss financial matters at New Century Financial Group, located in Princeton, New Jersey. Richard's expertise in taxes and accounting provides him with a distinct viewpoint on financial planning and how taxes interplay with it. Meanwhile, Josh offers his experience in working with younger investors to the discussion.
29 Episodes
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Have you ever wondered how Federal Reserve's interest rate changes can affect the market? Well, Kevin Caron, a seasoned Portfolio Manager from Washington Crossing Advisors, drops by to decode the world of finance. With his in-depth knowledge and expertise, we explore current cash, bond, and stock environments, and discuss the impact that interest changes have on the market. Moreover, Kevin also unravels the potential benefits that can be reaped by savers due to these increases.As we delve dee...
Want to uncover the hidden potential of 529 plans and the new twists introduced by the Secure Act 2.0? Wondering how this could be the game changer in your child's college fund or even your first-time home purchase? Then this episode is a goldmine waiting to be discovered. We unpack the quirks and benefits of 529 plans, investment plans that not only allow you to save for a beneficiary but also let you withdraw tax-free. We also delve into the changes brought by Secure Act 2.0, particularly h...
Have you ever considered how to ensure your financial accounts' safety? Let's discuss the importance of trusted contacts in maintaining financial security. The Finra Rule 2165 is specifically designed to protect individuals over 65 years old or with a mental disability. We will also cover common scams targeting seniors and why keeping your trusted contacts up-to-date is crucial. We will also share real-life examples that illustrate how trusted contacts can safeguard clients.FINRA Video for Tr...
What is a fiduciary? This is a question that Richard Oring is frequently asked by his clients at New Century Financial Group. When looking for an advisor, it's an important question to ask.A fiduciary is an individual or organization legally required to manage a person's assets for that person's benefit, not their own. Being a fiduciary means a financial advisor is held to a higher standard when making decisions for his or her clients.Fiduciaries must follow "duty of care" and "...
With the market volatility we've experienced in 2022, many folks are looking at different types of investment vehicles. One that Richard Oring's clients have been asking about lately is the I Bond. Today, Rich explains what they are and more.I bonds are securities issued by the US Treasury, that are 20 year notes and continue paying interest for an additional 10 years, for 30 total. They can be purchased electronically or by paper. Rich explains the differences, and the lim...
There are many things you should consider when it comes to end-of-year tax planning, but today Rich and Jag are focusing on Tax Loss Harvesting.To understand tax loss harvesting, we will want to define terms. Rich walks us through cost basis, capital gains (long and short term), capital losses (long and short term), carry-over losses, and the Wash Rule.Tax loss harvesting is when you take your investment losses for the year and use them to offset your investment gains, lowering your tax...
How can I tell how well my portfolio is performing? Through this podcast, it's Richard Oring's goal to educate listeners about managing their money. Today, he and Jag look at different ways to evaluate the performance of your portfolio.First, it's important to understand your strategy and overall objective - is it retirement, savings or something else?Next, we look at total return- and the elements that come together to give you a total return. Then, what time periods do we use t...
Do I need a financial advisor if I'm in my 20's? There's a stereotype that financial advisors are only for older adults - either in or approaching retirement. And that's simply not true. Today, Richard Oring of New Century Financial Group sits down with Jag to talk about why young adults need a financial advisor.Having a financial advisor early in your working years can be like having a coach who gets you into strong practices and habits for your entire career. Through this...
Investing in bonds can be an important part of your overall portfolio. But many investors find them confusing. Today, Richard Oring and Jag break down what you need to know.Stocks are pretty straightforward - if you buy a stock, you own a percentage of a company. Bonds, on the other hand, mean you are buying part of a company's debt. Rich explains.While bonds aren't for everyone, they do have some advantages, including diversification, capital preservation, and income generation.T...
There are many loans available for homeowners who want to renovate their homes. Today, Richard Oring of New Century Financial Group is joined by Bobby Dmuchowski, VP of Mortgage Lending at Guaranteed Rate.Bobby explains the advantages of going to a mortgage broker, as opposed to going to your bank. He also talks about the differences between HELOC (Home Equity Line of Credit) and renovation loans.We cover Fannie Mae and HFA loans, fixed vs. variable rates, closing costs, underwri...
As the tax landscape ever changes, it becomes more important for your CPA and Financial Planner to collaborate.In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, and Xavier Angel, CFP® are joined by fellow financial advisor Richard Oring and CPA Douglas Ziegler, to discuss why you want two of your most important advisors to be in communication.Are you minimizing capital gain taxes? How many opportunities are you missing on your tax return? You also may be surprised what thes...
Today, Rich and Jag welcome Xavier Angel, out of New Century Financial Group's New Orleans office. Rich and Xavier thought Black History Month would be a good time to address the issue of financial literacy in the Black community.Xavier cites the percentage of households below the poverty line for White., Black, and LatinX households. The differences are stark. How did we get here? As a Black financial advisor, Xavier can cite examples of systematic inequalities that he's ...
January is a time to re-consider your financial goals. Today, Richard Oring of New Century Financial Group explains why financial planning is no longer for only the rich - it's something that is accessible to everyone.You should start a financial plan in order to develop real, tangible goals and work toward them. These can include education planning, retirement planning, big purchases, estate planning, tax planning, investments and more. A financial plan can also lead to better f...
Life Insurance is a very important aspect of your financial future. But it can be very confusing. Today, Richard Oring of New Century Financial Group breaks down everything you need to know about Life Insurance. Why do I need life insurance?What can life insurance protect?Can part of my life insurance benefits be donated to charity?What are the tax implications of life insurance?Next, Rich breaks down the pros and cons of different types of life insurance, including:Term Life Insu...
Today, Richard Oring of New Century Financial Group and co-host Jon "JAG" Gay cover the field of financial planning - what financial planners do and who needs one.We all have coaches for different aspects of our lives and financial planning is no different. That's where a planner comes in, and with increased advertising in the field, baby boomers retiring, and the impact of COVID-19, demand for financial planning has never been higher.There are different pricing models that financial planners...
Today Richard Oring of New Century Financial Group and Jag are joined by Bill Cass, Director of Wealth Management Programs at Putnam Wealth Management in Boston. With Democrats now in control of the White House, and both houses of Congress, we've received many questions from clients on what that will mean for taxes going forward. This is one of Bill's many areas of expertise. We look at the the pending COVID relief bill, what can be passed, and what may be done through the proces...
Today, we visit with Richard Oring's former intern (and nephew) Aaron Kravitz. Aaron is about to graduate a 5-year program at Penn State University with a bachelor's and masters degree in accounting.Not only did Aaron have to navigate the usual challenges of college life - time management, accountability, and budgeting - but he is also finishing his university career in the middle of a pandemic. This of course brings a new set of challenges.Classes are virtual with different preferences...
Some people are savers, and others are spenders. Today, we break down the psychology of money. Joining Richard Oring are certified financial planner Erik Garcia and clinical psychologist Matt Morris, hosts of their own podcast, Building Us.We start by looking at different types of couples - pairs of savers, pairs of spenders, and one of each - and we tell you which pairing often changes...quickly.Matt, Erik, and Rich break down the psychology behind what makes some people spenders...
Today, Richard Oring of New Century Financial Group joins Jon Gay to explain the various fees associated with mutual funds. We cover:What resources are there to find the costs and performanceInvestor.gov - https://www.investor.gov/Morningstar.com - https://www.morningstar.com/Fund ProspectusDefinitions to knowFront End LoadBack End LoadNo LoadFund expenses:Management FeesDistribution/12b1 FeesOtherFund FeesExchange FeeTicket ChargesCustodian FeesHow to know if what I own or am looking at...
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 includingAdjusted Gross Income (AGI)Above The Line DeductionsItemized DeductionsStandard DeductionsTaxable IncomeCreditsTotal TaxNext, we tackle ways to reduce your W2 income:Contributing to a traditional 401kFunding a traditional IRAHSAs and FSAsCommuter BenefitsWe also look at different investment strategies that can lower your tax burden.Resources:Email Richard: ROr...
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