Certified Financial Planner in New Jersey

In today's economy, relying solely on a traditional 9-to-5 job may not suffice for achieving your financial goals. Whether it's saving for a dream vacation, paying off debt, or building a robust emergency fund, additional income streams can significantly accelerate your financial progress. As a financial planner, I've seen firsthand how side hustles can transform personal finances. Here's a comprehensive guide to help you navigate the world of side hustles and increase your income. Identifying Your Side Hustle The first step in is to identify opportunities that align with your skills, interests, and available time. Here are a few questions to guide get started and to guide you through the process. What are you passionate about? Engaging in work that you enjoy can make your side hustle feel less like a chore. What skills do you possess? Leverage your professional skills or personal hobbies to find a side hustle that can pay off. How much time can you commit? Be realistic about the amount of time you can dedicate to a side hustle without compromising your well-being or primary job. Popular Side Hustles to Consider Freelancing: Utilize your professional skills in writing, graphic design, programming, or marketing to take on freelance projects. Online Tutoring: Share your expertise in subjects like math, science, or languages by teaching students online. E-commerce: Start an online store to sell handmade goods, vintage finds, or even dropship products. Rideshare Driving or Delivery Services: If you have a reliable vehicle, consider driving for rideshare apps or delivering food and groceries. Real Estate Investing: For those with a bit more capital, investing in rental properties can provide a steady source of passive income. Maximizing Your Side Hustle Earnings To truly benefit from your side hustle, it's crucial to manage and maximize your earnings effectively. Set Clear Financial Goals: Determine what you're aiming to achieve with your extra income. Having specific goals in mind can help keep you motivated. Keep Track of Finances: Use budgeting apps or spreadsheets to monitor your income and expenses related to your side hustle. This will help you understand your profitability and manage taxes. Reinvest in Your Hustle: Consider reinvesting some of your earnings back into your side hustle to grow your business. This could mean upgrading equipment, investing in marketing, or taking courses to enhance your skills. Balance Your Time: Ensure that your side hustle does not negatively impact your primary job or personal life. Time management is key to maintaining balance. Navigating Challenges While side hustles offer a promising pathway to increased income, they also come with their own set of challenges, such as time management, tax implications, and potential burnout. It's important to approach side hustling with a plan to mitigate these challenges. Understand Tax Obligations: Income from side hustles is taxable. Keep detailed records of your earnings and expenses and consider consulting a tax professional to navigate your tax obligations. Set Boundaries: To avoid burnout, set clear boundaries for when and how much you work on your side hustle. Remember, the goal is to enhance your financial situation, not to compromise your health or happiness. Conclusion Embracing side hustles can be a game-changer in achieving financial independence and security. By carefully selecting a side hustle that aligns with your interests and skills, managing your time wisely, and effectively handling your earnings, you can make significant strides towards your financial goals. Black Belt Wealth Advisory encourages you to view side hustles not just to earn extra income, but as an opportunity to explore your passions, develop new skills, and achieve greater financial freedom. The comments expressed and are for general information and not to be relied upon as financial advice. Please consult legal or tax professionals for specific information regarding your individual situation. 

How to handle aging parents

being proactive in saving your money can help if a layoff should occur.

Many of us live life on the go and look for quick ways of getting information/news/tips/etc. Google is great for basic information, and searching news channels is helpful for travel tips, headlines, and weather, but when wondering how to invest your hard-earned money, we suggest you leave that to the pros. It’s ingrained into our heads to max out our 401(k) which is currently set at $22,500/year*. And everywhere we turn, (TV, ads, banks, employers) we are advised to, “max out your 401(k)… but this may not (always) be the best advice for today’s investor. There are alternatives that may be worth exploring and won’t require putting all your eggs in ONE basket. From the moment we begin working, we are taught that a 401(k) is crucial for retirement and to start contributing immediately. Some companies make you wait a few months which makes it seem like a good idea… until it isn’t. Giving up such a high percentage of your paycheck may backfire down the road, especially if you spent years contributing. Life throws curve balls and not having access to your money when you need it most can be tough. Or worse, accessing that money and paying fees, penalties and taxed at a high rate. A survey from Bankrate says that 51 percent of Americans have taken an early withdrawal from their 401K, including 20 percent who have taken one since the pandemic began in early 2020. More recently (2023) CBS reports that a record number of Americans tapped their 401(k) plans last year for so-called hardship withdrawals, up 2.4% from 2021. Going Broke to Save for Retirement Doesn’t Make Sense for Most. The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72. There are exceptions, but they are limiting. You may avoid penalty fees, but you won’t avoid taxes. Things come up all the time like down payments for a car, or a home, or credit card debt you are eager to reduce. You can’t predict the future, so what happens if you need your money, today? One of our clients is a successful NYC Attorney who has a considerable amount of debt because they over contributed and lived off credit cards to be able to survive. With interest on top of what they spent, it may have made more sense to invest less to have less debt. Company Matching. If your employer matches part of your contribution, that's free money but make sure you understand the terms including when your employer’s matching contributions vest (or become yours to keep). Some companies give matching contributions right away (so if you leave the company, you can take them with you), others require you to stay a certain number of years before your matching contributions are yours (or become “vested”). For example, a company may say that your matching contributions vest by 25% every year (over four years). So, if you leave before one year of employment, you will not receive matching contributions and you are 0% vested. If you leave after one year, but before two years, you get 25% of your employer matching contributions (25% vested), etc. Alternatives Do Exist. Investing in an IRA give you some freedom to use funds for things like college expenses or a first-time home. You may consider a 529 plan if you have children, and you need to save for college or a health savings account (HSA) if you are someone who may need to pull out money for healthcare. Another option is a taxable brokerage account which provides the flexibility of being able to access your money penalty-free. No situation is the same and there is no one size fits all financial plan for everyone. For some people, maxing out your 401(k) is the best decision so you can retire comfortably, for others, tying up so much money for so long may not be a good fit. To find out more about what works best for your situation, contact your financial advisor. * additional catch-up contribution of $7,500 for those aged 50 and older. The comments expressed and are for general information and not to be relied upon as financial advice. Please consult legal or tax professionals for specific information regarding your individual situation.

THURSDAY, APRIL 6 AT 12:00 PM EASTERN On April 6, Advice Chaser will host a webinar titled, “Understanding the Recent Banking Crisis.” The collapse of Silicon Valley Bank and the takeover of Signature Bank are two of the biggest bank failures since the 2008 financial crisis. What caused these failures and what impact does this have on the average consumer? This webinar will address the recent banking crisis, its causes, how banks function, and best practices for keeping your money safe. J. R. Gurrieri, an experienced financial planner, will present. Anyone interested in learning about these recent events will benefit from this event.

TUESDAY, APRIL 11 @ 12:00 PM EASTERN Join us on April 11 for an informative webinar on “Term and Permanent Life Insurance.” Life insurance has two main roles: to replace your income in case of your early death, and to play a role in your retirement plan with your spouse. Term life insurance is cheaper, and it can replace your income if you die during your working years. But permanent life insurance can also be an integral part of your retirement plan, because it allows you to save money for your spouse. This webinar will address types of life insurance, pros and cons of each, and retirement strategies for whatever you choose. J. R. Gurrieri, an experienced financial planner, will present. Anyone considering life insurance, whether during their working years or as part of their retirement plan, can benefit from this educational webinar.

Ways to cut down on car costs for new, preowned (used) and existing automobiles. We’ve all heard the stories about car costs escalating and availability dwindling the last couple of years. People are thinking it’s best to hold on to the car they have and wait out what inflation has done to the automobile market. Whether you are buying a new car, considering a preowned or maintaining your current vehicle, this blog will examine tips from insurance, to maintenance, must-have apps, habits, credit, equity and more. Purchasing a new (to you) car. Purchasing a new car doesn’t have to be out of reach. Have you considered a certified pre-owned car? It isn’t as hard as you think to purchase the car of your dreams by purchasing someone else’s trade in. Someone on our team just did that with a 2020 high end brand with low milage. Trading in their slightly older car dropped the already good price down considerably. Financing the car provided very affordable monthly payments and put our co-working in a very nice, almost new car. If you look around, you may find a gem. This may require you to look at dealerships out of your area as well. When you walk into a dealership, here are two very important things to consider. Having a good credit score will provide you with the best rates. Secure outside financing for your auto loan. If you rely on the dealerships for financing, you will likely pay more because they typically mark up the interest rates which can add thousands of dollars to what you are paying. Creating and sticking to a budget. Consider purchasing a car at the end of the year when dealerships look to unload inventory. Don’t be afraid to ask for a deal. Watch out for mark-ups! When you sit down to sign for your car with their financial team, you may be presented with several “add-ons”. As you can imagine, these come with a cost. This includes, extended warrantees, defense against paint chipping and fabric staining, tire protection, undercoating and so on. The extra cost per month for 36-72 months is considerable. Monthly expenses. Consider the upkeep of the car you are looking at. Does it require premium gas as opposed to regular. If something breaks, does it cost more if you are purchasing a luxury car? It can be enticing to purchase a preowned luxury car at an affordable price tag, but don’t forget maintaining that car won’t be cheap. If you do purchase a luxury preowned car, we recommend “certified”. With a certified preowned, the car gets a complete inspection in which any necessary auto repairs and parts replacements are taken care of before you purchase it. Most certified preowned cars will get an extended warranty that is passed on to the new owner . What is covered in the warrantee? Will your insurance go up? It may be a good time to compare other insurance plans to the one you have. Many people have saved up to $500 by switching to another provider. Budgets, Trade-ins, and Down Payments. Before going to the dealership, set your budget. Take some time to evaluate your expenses and your financial situation. Once you feel comfortable with your number, start looking at your options. Know what you are up against before going to the dealership, so you are prepared. If you are looking to replace your current car, trading it in can off-set the cost of the one you are purchasing. Also, making a larger down payment will drive down your monthly payments, reduce interest paid, provide more equity, and potential get you lower rates. It is recommended to put 20% down on a new car, and 10% on a preowned car. For Those Keeping Their Current Car. Investing in your current car will keep the value high for resale. Just like going to the doctor for checkups, your car needs regularly scheduled maintenance. This includes oil changes, checking all fluids, testing the lights, changing windshield wipers, cleaning/replacing filters, rotating tires, cleaning both the inside and outside of the car, etc. Also, don’t let small issues go unattended—in time they can lead to bigger, more expensive issues. Catching things early can save you money down the road. While it may not be the best time to consider purchasing a car, having a plan you are comfortable with can offset the risk. Don’t hesitate to contact our offices with any questions or concerns.

BlackBelt Wealth Advisory is a proud to be a sponsor of this wonderful, worthwhile event. Join us for the 1st Annual Masquerade Gala-- A worthy cause to help raise money to Tackle Kids Cancer. Get your masks ready and join us for an unforgettable night! Open Bar - Formal Dinner - Live Entertainment - Aerielists - Violinists - DJ - Live Auction & More! You won’t want to miss it! Get your tickets today here .

If you missed our Mar 14, 2023 Webinar, the archives are now available If a person saves ten dollars a month, it’s easy to see how the amount in their account will grow steadily and consistently. While that’s great, what’s more impressive is watching exponential growth due to investment. When you earn interest on the amounts you save, the growth of your account speeds up the longer you save! This webinar explains the basics of exponential growth and the effects of factors like taxes, market risk, and lifestyle changes. J. R. Gurrieri, an experienced financial planner, demonstrates the effects of exponential growth using software models. Anyone hoping to grasp more of the underlying theory behind investment can learn from this educational event.