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 InsuranceWhole Life InsuranceVariable Universal Life (VUL) InsuranceUniversal Life InsuranceRiders and Loans from Cash ValueFinally, we talk about the important aspects of selecting life insurance, medical underwriting, and the importance of being educated before making a decision.For help with this or any aspect of your financial future, reach out to Rich at New Century Financial Group:Phone: (609) 924-2049, extension 126Website: www.ncfg.comEmail: roring@ncfg.com

Financial Matters with Richard Oring

Life Insurance Explained

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&apos;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 use, including traditional, AUM (assets under management), or a combination of the two.  A newer model that Rich prefers is a subscription model, with an upfront fee then monthly, quarterly, or semi-annual fees.Comprehensive planning (or holistic planning) is much different than simple or goal-based planning, which can be much narrower in scope.   Comprehensive planning can include insurance planning, retirement planning, investment, tax, education, and so much more.To contact Richard Oring, call him at 609-924-2049 or email him at roring@ncfg.com.You can also schedule an appointment directly from our website: https://www.ncfg.com/schedule/

What a Financial Planner Does

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&apos;ve received many questions from clients on what that will mean for taxes going forward.  This is one of Bill&apos;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 process of budget reconciliation - Bill breaks it all down in an easy way to grasp.After we get through COVID relief, the Biden tax plan will likely come into focus.  Bill and Rich cover what may happen with corporate taxes, FICA, and personal taxes as well.   And how do capital gains charitable giving, and the alternative minimum tax figure in to the math?   Also, how might estate taxes change?Finally, could we see an extension of some aspects of the CARES Act in 2021?  How might that, and the current state of the market affect your RMD&apos;s?  Is it a good time to look at a ROTH conversion?Resources:Putnam Wealth Management Website (and Bill&apos;s Blog):  https://www.putnamwealthmanagement.com/ Charts:Should I consider doing a Roth Conversion? https://newcenturyfinancialgr-my.sharepoint.com/:b:/g/personal/roring_ncfg_com/EZ-Wxah3Rx1Bo4bmHcxZkx4B59SI1iaEFkBVIDBjcfU3ig?e=bOPjKlCan I make a backdoor Roth Contribution? https://newcenturyfinancialgr-my.sharepoint.com/:b:/g/personal/roring_ncfg_com/EUV0lLN6I4ZKqaC1ttcGR4sBjddnlvrKJhpE79stzmghfQ?e=BK7lQ6Can I make a MEGA Roth backdoor Contribution? https://newcenturyfinancialgr-my.sharepoint.com/:b:/g/personal/roring_ncfg_com/EbknGLg50QhEvTHpDJlJJscBYqwKogWXPSO-WnGLoti5Kw?e=xOk0HKContact Richard Oring at New Century Financial Group:New Century Website: https://www.ncfg.com/Call Rich: 609-924-2049, x126Email Rich: ROring@ncfg.comAddress:  One Airport Place, Suite 3                      Princeton, NJ 08540Securities offered through Royal Alliances Associates, Inc. (RAA), member FINRA / SIPC.  Investment advisory services offered through New Century Financial Group, LLC RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA.Branch Office One Airport Place, Suite 3, Princeton NJ 08540 Phone: (609) 924-2049IMPORTANT CONSUMER INFORMATION:A broker-dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered or is excluded or exempt from state broker-dealer, investment adviser, BD agent, or IA rep registration requirements, as appropriate. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, will not be made without first complying with the appropriate registration requirement, or an applicable exemption or exclusion.For information concerning the licensing status or disciplinary history of broker-dealer, investment adviser, BD agent, or IA rep, a cons

What New Washington Leadership Means For Your Money

Today, we visit with Richard Oring&apos;s former intern (and nephew) Aaron Kravitz.  Aaron is about to graduate a 5-year program at Penn State University with a bachelor&apos;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 of different professors, and even the social life is very different on campus - from bars and restaurants to not being able to go to Nittany Lions football games. While Aaron was in school, he did two very different internships - one with Deloitte & Touche in New York, and the other with Rich at New Century.  Both were great learning experiences,  but we look at the comparison between interning at large and small companies.  Incidentally, Rich speaks very highly of the work that Aaron did on marketing materials for NCFG.The advice that Aaron provides is relevant for all college students - not just during COVID.  He talks about budgeting, spending the necessary time on coursework, and finding a way to stand out among your peers (and not just with grades).And of course, we share a funny story about Rich&apos;s sister, who happens to be Aaron&apos;s Mom.Resources:New Century Financial Group Website: https://www.ncfg.com/Rich&apos;s email: rich@ncfg.comNew Century Phone Number: (609) 924-2049To Review The Podcast:  https://lovethepodcast.com/financialmatterswithrichardoringCheck the background of your financial professional on FINRA’s BrokerCheck.The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Advisor Evolved to provide information on a topic that may be of interest. Advisor Evolved is not affiliated with the named representative, broker-dealer, state – or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.Securities offered through Royal Alliances Associates, Inc. (RAA), member FINRA / SIPC.  Investment advisory services offered through New Century Financial Group, LLC RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA.Branch Office One Airport Place, Suite 3, Princeton NJ 08540 Phone: (609) 924-2049IMPORTANT CONSUMER INFORMATION:A broker-dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered or is excluded or exempt from state broker-dealer, investment adviser, BD agent, or IA rep registration requirements, as appropriate. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, will not be made without first complying with the appropriate registration requirement, or an applicable exemption or exclusion.For information concerning the licensing status or disciplinary history of broker-dealer, investment adviser, BD agent, or IA rep, a consumer should contact his or her state securities law administratorThis communication is strictly intended for individuals residing in the state(s) of AL, AK,&

College Life and Moving On To The Workforce

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 and other savers.  Sometimes this is a product of upbringing, and this is often a source of friction in relationships.It&apos;s important to note that saving isn&apos;t always good, and spending isn&apos;t always bad. There are happy mediums to everything, and we discuss strategies you can employ to change your financial behaviors.COVID has been a terrible time for so many people for so many reasons, but for some, it&apos;s given us an opportunity to slow down, and spend more time with our families.Resources: Financial Matters with Richard Oring https://www.ncfg.com/podcast/Building Us Podcast: http://building-us.com/New Century Financial Group Website: https://www.ncfg.com/Call Richard Oring at (609) 924-2049.Email Rich at roring@ncfg.com

The Psychology of Money

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 is appropriate for the fees I’m payingQuestions you can ask your investment advisorResources:Email Richard: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126

Mutual Fund Fees

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: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126

More Money In Your Pocket and Less To Uncle Sam

With June here, Richard Oring of New Century Financial Group joins Jon  Gay to take stock of where we are, almost halfway through the year.Things we&apos;ve learned to live without in 2020Food and Medical SuppliesSocial Justice and Social UnrestFinancial IssuesInterest - the difference between lending and borrowingLow rates and refinance optionsDon&apos;t be afraid to take advantage of governmental programs like PPPDon&apos;t be afraid to ask lenders for a break.Email Richard: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126

What We've Learned Halfway Through 2020

Today, Richard Oring and Jag break down the CARES Act - the Coronavirus Aid  Relief and Economic Security Act - and what it means for you.  We cover:Recovery Rebate Checks for TaxpayersRetirement Plan WithdrawalsRetirement Plan LoansRequired Minimum Distributions (RMD&apos;s)Changes to Charitable DonationsUnemployment BenefitsResources:IRS Publication 972Email Richard: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126 

Financially Surviving Coronavirus - The CARES Act

Richard Oring&apos;s phone has been ringing off the hook with calls from clients panicked over the coronavirus and what effects it will have on their investment accounts.  Today we cover some important things to remember.When you set up your portfolio, you start with goals and what you need to achieve to get there. Once you have the plan in place, stick to the plan instead of letting your emotions get the best of you.One of the most challenging parts of Richard&apos;s job is managing client expectations.  He walks us through his process and the safeguards he uses with client accounts.And finally, the three questions you should ask yourself:Am I comfortable with the amount of money I have lost?Have my goals changed since I started this account?Is there liquidate assets from this account if I need to take out money which won’t result me from selling something in distress?

Coronavirus and My Investment Accounts

There are many mistakes that people make with their 401K accounts. Today we try to help you avoid those mistakes now instead of trying to fix them later. They mainly fall into three categories.Contribution Level MistakesNot putting enough into your 401kNot putting anything into your 401kNot increasing your contributions over timeInvestment MistakesFund SelectionBeing too heavily invested in Company stockPanic when the market dropsNot reallocating or rebalancingMiscellaneous MistakesNot doing a household budgetNot knowing about Roth 401K&apos;sUnderstanding investment fees and risksTaking loans from 401K accounts without knowing the rulesLearn more:Everplans Estate PlanningEmail Richard: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126

Playing 5th Quarter Quarterback With Your 401k

Nobody wants to think about their own mortality.  But careful planning can ensure that both your final wishes are granted as directed, and that your loved ones won&apos;t have added stress on top of their grief.Richard and Jag discuss the advantages of digital organizers in today&apos;s episode.  Many, such as Everplans, can help you create a final plan.  And you can set it up to give access to who you want, when you want.At the end of today&apos;s episode, Richard makes a very generous offer to anyone listening.Learn more:Everplans Estate PlanningEmail Richard: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126

Getting Your Household Digitally Organized

In today&apos;s episode, we go inside your FICO score - first by explaining what it is, and the factors that go into calculating it. They are:35% Payment History30% Amounts Owed15% Length of Credit History10% Credit Mix10% New CreditIn addition to breaking down each of these categories, we will also cover what&apos;s changing in the newest FICO Score 9 version. This includes changes in how medical debt and rent payments are counted.Finally, Richard provides some key tips on how to monitor your credit report, dispute items, and maximize your score.Learn more:Email Richard: ROring@ncfg.comNew Century Financial Group WebsiteCall Richard: 609-924-2049 x126

Credit Scores and How They Can Affect You

What is success? For some, it means financial security.  But it really can be so much more than that. In today&apos;s episode, Richard and Jon discuss both the big picture, and how you can set yourself up for financial success.Learn more:New Century Financial Group WebsiteCall Richard: 609-924-2049 x126

Success

Expectations are crucial to any relationship, whether it&apos;s making them, meeting them, or exceeding them.This is true for your financial adviser, your accountant, and even you as the customer.Communication is key to setting reasonable expectations in any relationship. In our first episode, Richard Oring explains what to expect from your accountant and your adviser - and what they should expect from you.Learn more:New Century Financial Group WebsiteCall Richard: 609-924-2049 x126

Making and Meeting Expectations

Richard Oring from New Century Financial Group in Princeton, New Jersey talks about all things finance. Richard's unique background with taxes and accounting give him a unique perspective on financial planning, and how tied taxes are to it.

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Financial Matters with Richard Oring

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