Getting married, starting a family, buying a first home, finally paying off that student loan. These life changing events and more were the subject of the July 25 KRS and NJBIA Financial Planning for Young Professionals panel discussion.
KRS senior accountant Lance Aligo and Bret Kaye, a certified financial planner at AEPG Wealth Strategies, served as panelists, while KRS senior accountant Diane Pineda moderated the informative discussion.
Kaye led off by offering some general tips on starting out on the right foot, such as reducing bad debt and having and separate account with cash to use in case of an emergency. Aligo then talked about some of the tax implications of getting married. “Some newly married couples who earn about the same money get an unwelcome surprise at tax time,” he noted. “They wind up in a higher tax bracket because of their combined incomes. In such cases, it may save taxes to file separately, rather than jointly.”
On the subject of buying a home, Kaye pointed out, “As a YP buying a first home, you have to know a CPA, realtor, financial planner, real estate attorney, insurance and mortgage brokers. All these professionals should be part of your team for this important and complex transaction.”
Held at the KRS training facility, this panel discussion was one of the New Jersey Business and Industry Association’s YP networking events. The NJBIA Young Professionals Network provides a forum where future business leaders have the opportunity to enhance their leadership skills and network with business professionals through a series of events around the state. For more about the YP group, visit the NJBIA website.