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Let’s face it; The Weather Channel© has changed all of our lives. We watch live minute to minute updates of weather patterns and storm fronts. Experts try and predict events for the next half hour to the next 10 days, to years in the future. They consider longer term cause and effect (El Niño comes to mind) to try and identify what type of seasonal weather we will have. We need the forecasts to help us plan our day, month, and season. Do we bring an umbrella today? Do we buy a new snow blower? When should I plant the tomatoes?
Have you ever heard this one? “It’s not worth refinancing unless you are going to drop your rate by 2%”. It is generally preceded by “my parents told me”…
I cannot tell you how many times I have heard that in the past 13 years. So, where did the notion of the 2% threshold to refinance come from? It is driven by the average sales price of a new home. Let’s do the math.
For new professionals beginning a career in their early 20’s retirement can seem light years away. I certainly felt this way in my early 20’s, and to some extent still feel in my mid 30’s. The reality is retirement is not that far away. The longer millennials wait to start saving, the more difficult achieving retirement goals will be. For a long time the combination of Social Security and in most cases a pension ensured a semi comfortable retirement. Adding a 401k and/or IRA to the mix was just icing on the cake. For most job families pensions are a thing of the past, and social security is a big question mark. This leaves personal retirement savings as the most reliable way for millennials to achieve their retirement goals. So why is it so important to start early?
For the past several years, a hot topic in banking circles has been centered on Millennials. More specifically, the talk has been how to tailor banking solutions to meet the needs of the next up and coming generation. Born between 1980 and 2000, Millennials are the largest generation in American history. As a Millennial myself, I can attest to the fact that being born in the early 80’s, as I was, is much different than being born in the late 90’s. That being said, if there’s one thing that’s shaped this generation as a whole, it’s technology. Technology has touched just about everything in the lives of a Millennial, most of whom don’t remember life without access to the internet. Over this same time period, banking has evolved tremendously along with technology. Technology has driven customers away from bank branches and to ATM’s, computers, mobile devices, and third party payment systems such as PayPal.
In a deal between the New York legislature and Governor Andrew Cuomo, the state has changed the way new homeowners can take advantage of the STAR program. While the total amount of the tax relief remains unchanged, the difference is in “when” you receive it.
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