Better Late Than Never! A Late Entry From NYC.

NAPFA-Registered Financial Advisor Maureen Whelan shares some of her experiences from the road during the bus stop in NYC:

I spoke with Maria who was concerned about protecting her partner and other family members who depend on her income. She was wondering if she should purchase life insurance. Maria is a good example of someone who needs life insurance since she has 3 people who rely on her to provide for them. As she was in her mid 40’s and in good health, I told her it was likely that she could purchase a relatively inexpensive 20 to 30 year level term policy.

I met with another woman who recently turned 70 and was wondering what she should do with her 403(b) and an IRA account. She had left her 403(b) with her employer and was wondering if she should or could transfer the money some where else. I told her that she had the option of moving the money to a brokerage or bank account. A broker or bank acts as the “bookkeeper” for her accounts. The might give her more investment options than her employer’s bookkeeper. I stressed that it was important that she do a rollover transaction so that she would not be taxed on the funds when they came out of her account. She was aware that she would need to start taking money out of the 403(b) due to her age and she was wondering how to do that. I told her that most brokers or banks will be able to calculate the amount that she would need to withdraw. It was a great conversation since she had money saved, had a good pension and was interested in starting to invest to provide an inheritance for her children and grandchildren.

Other Thoughts From The NYC Stop

NAPFA-Registered Financial Advisor Clare Stenstrom talked with some folks in Harlem about their concerns. Here are a couple of her experiences:

A man came up to the bus and he just was released from jail, has no job and no idea what to do. We referred him to Project Renewal (a homeless shelter) or the Doe Fund that has a work program to help people get back on their feet.

Another person, Ruby, wants her daughter to go to college but knows she will never have the money to pay for it. We suggested that her daughter go to community college for two years, keep her marks up and transfer to a City University where she should be able to get financial aid and scholarships, providing she has good marks.

Renee Ross, another NAPFA-Registered Financial Advisor, had the pleasure of talking with other people about their concerns:

Today I had a chance to provide financial advice to the residents of Harlem via a Money Bus program. I had a chance to speak to people of all ages about various financial issues. There was an older retired woman who has an annuity with her previous employer. She is required to take a total withdrawal and wanted to get some advice about where to put the funds. Later I spoke to a young woman who wanted to learn about mutual funds and investing for her future. After that I spoke to a young man who owns a home, has been investing in his and his wife’s retirement account and wanted to get information about college funding.

There were many other people that had questions about finances. Some were as simple as, what should I so with my retirement account right now. The opportunity to talk with individuals in the neighborhood about financial issues is a wonderful thing. I was told by several people that I spoke to that being able to talk to someone one-on-one was really appreciated.

Questions From The NYC Stop

Robin wanted to know what she could do about her $4000 credit card debt. She is on disability and can’t pay her minimum payments. It’s now with a collection agency. We advised that she negotiate her debt. Most of the time a collection agency buys the debt from the original creditor for a reduced amount. Robin was very happy to hear about this. She would negotiate a lower payment and offer a payment plan that her budget would allow.

Lavinia wanted to know whether she should take her IRA savings out of the stock market. We advised her to keep on to them. After the steep drop the last few days the stock market has gone up again. It might remain volatile for a while but as long as she doesn’t sell it now, she doesn’t have a loss. She should wait till the value goes up again. She can wait because she doesn’t need it at this time.

Anja Luesink
NAPFA-Registered Financial Advisor

Harlem Bus Stop Photos

We are having a great time in Harlem. We have had so many people come up to us today with some very trying situations they find themselves in. Although we want to answer everyone's question right there on the spot we don't always have the specific answers they are looking for. No matter what the stop today has been enjoyable and rewarding.


Below, Laura Mattia being interview by Gerri Willis of CNN for a report. Should be on TV soon so tune in!