THE MONEY ISSUE Closing the Books WHEN THE FAMILY BUSINESS GOES DOWNThe Financial Vigilante A Debtor’s Solution Charge Large Turn Credit into Child’s Play Making it WorkTaking Advantage of a Weak Economy Also in this Issue Restaurant Row Robke’s of Northport The Long Island Network April - May 2009 Vol. 1 Issue 003
From the Editor’s Desk Voice of The Corridor By Michael DeLuise President, Melville Chamber of Commerce“Baby Boomers”, those born during the post WWII “Baby Boom”, are the most numerous,highest privileged, best-educated and wealthiest generation that America has so farproduced. We expected to retire early with a lot of money, and continue to spend it untilwe died, and then leave a great chunk to our heirs. We also believed that with our sheernumbers and unity of purpose, that we had enough power to change the world, and so we It’s all about Money in your Pocketdid, or at least we think we did. “We are here to put money in your leaders. Sometimes all you need isToday, many of us will not be retiring at all, and some will face the looming suspicion pocket.” a personal introduction or advice onthat Social Security’s coffers are suddenly empty. It’s not only the Boomers who face community issues.an unexpectedly shaky future, but the industries that were created to take advantage of In trying economic times moneyaging Boomers and what was supposed to be an unlimited flow of wealth. Some of us aretrying to compete in a job market that overlooks anyone over 35, regardless of experience. is tight. We all have to direct extra Whether your Chamber welcomesEven President Obama was not born until we started burning our bras and protesting effort toward making budgets, you and the community to aAmerica’s involvement in Viet Nam. maintaining staff and building our highly trafficked Trade Show, business. It seems that every day, or recognizes you for a job wellAnd here we are, facing the same predicament our parents and grandparents did during sometimes several times a day, new done, or works with you and thethe Great Depression. They survived it, and so will we. challenges surprise us, no matter community to solve transportation,This issue is all about $$$, How we got it, how we lost it, and how we can get it back how well we feel we have prepared. environmental, and quality of lifeagain. We offer a variety of suggestions to help you steer through these rocky shoals. Our issues – we are here to make thingswriters share many wildly diverse opinions about investing--should you have a few coins We listen to economists, the media better for you.left-- credit, should you have any of that left—employment and entrepreneurship. We do and other so called experts, butnot profess that all these words are valid, just that they are options, and we should know On the 110 Corridor, throughout it has become clear that listening I invite you to join us in the crusadewhat ALL our options are, all the time. the Long Island region and indeed does not deliver all of the necessary to make things better. Don’t be shy, all over the world it all seems to beOur cover story is “The Family Business” which features Peter Marino and Christie solutions. Now is a time for action. participate and share your ideas. coming down to money.Pennino, president and vice president of the now defunct Green Street Financial. Whether you are the owner of a big You and your business have uniqueAlso featured is “Finding Your Bliss”, words of encouragement from Joseph Campbell business or a small one, whether qualities that we can help support.as presented by Jim Ryan, an inspirational speaker and surprise! A financial advisor, as Historically, the 110 Corridor has you are a senior manager or a Tell us how you think we can workwell! served as a strong foundation and member of the staff, you must take with you. the healthy heart of Long IslandWe also take a look at a www.FaceBook.com celebrity, Charlie Large. Adam Kornblum control of what lies ahead for you. commerce. The hundreds ofand Joe Davis give a valuable lesson on responsible spending and create an obscenely The current economic crisis is businesses and tens of thousandshuge network. Organizations such as the Melville certainly a tough piece of business of working men and women in the Chamber of Commerce can help for all of us. Let’s join forces, lendKeep believing. Melville area not only pump dollars you take control of your future. a helping hand when needed and into the economy, more importantly With your participation we can show the world that once again they set the direction of where put money in your pocket. There the 110 Corridor is the model of business is headed.Faux Pas: are certainly many ways to win in success other business communitiesFebruary’s “Corporate Alliances” inadvertently ran two separate stories together. See “New In Town” for more info. business. The Melville Chamber should follow. With the support of remarkably can offer you the important talented entrepreneurs, dedicated ingredients you can add to your For more information about the elected officials and the nation’s recipe for success. Melville Chamber of Commerce StreetSmarts Publishing Welcomes We feature People, not Products. most talented workforce the 110 call 631-777-6230 or visit: The Harbor Herald of Glen Head For multi-book Advertising Corridor stands as a worthy model to it’s Print Media Family Opportunities call 631-683-4660 The Melville Chamber offers you www.melvillechamber.org for other communities to follow. the solutions you need now. For some, monthly networking events Michael DeLuise The Melville Chamber of open the doors and close the deals President, Melville Chamber of Commerce was created for the that help meet the budget. Others Commerce purpose of helping local businesses, find answers to their questions at email@example.com their employees and our neighbors breakfast meetings with local, state succeed. As I say at every meeting,4 and national officials and business 5
New In TownThe Corridor is doing it’s part in growing the economy. This column features people with the courage to Fi n d i n gpress onward in a rapidly disintegrating economy. Mid February, the Greek Seafood Captain on Rt. 110 in Melville across from the Walt Whitman Mall had it’s Grand Opening. Bedecked with ribbons of flying flags Your Bl i s s and a festive full wall mural of the sea on the Southern exterior wall, this tiny restaurant holds big treasure. The $9.99 lunch menu offers an abundant selection of fresh seafood, all properly prepared and served with a smile. Abundance is evident on your plate as well. Generous portions, delicious, fresh food and friendly service. Congratulations to Nikki and Nicholas, owners of this little gem. We wish you great success and opportunity.First National Appraisal Management Corp The broader the appeal, the greater a breakfast meeting half heartedly when the men approached him at the odds for success. The more listening, and suddenly heard “Follow the end of class to say thank you andWith approximately 40 years of combined real estate They can be reached at: hats you wear, the more heads you Your Bliss” across the room. It shake his hand. “About 3 years intoappraisal experience Rick Cosenza and Patrick McEvoy www.FirstNationalAppraisal.com,( 866) 710-7786. need to hold them, and the more woke me up. The speaker was Jim that experience I decided that if theseof RCJ Valuations, Inc. and Choice Appraiser Network, attention you’ll get! Diversity might Ryan, an inspirational speaker and men like the maybe others would likeInc. respectively, have merged to create the First National be one of the talents necessary to be yes, a financial advisor, oh and a it too.” So Jim created a talk calledAppraisal Management Corp. This merger is due in part to competitive in the current job market. retired foreign language teacher and “The Art of Happiness.” I contactedthe new government regulation called the Home Valuation Some people juggle several careers guidance counselor , tennis club libraries and they hired me to talk.Code of Conduct (HVCC) which has established new and exchanging business cards with manager and probably more. He I came up with a second one, “Liverequirements with respect to how real estate appraisals them can be a challenge when they will tell you he’s always been “…an the Life of Your Dreams”, and a third,are ordered. fan out a half dozen and say “Pick a optimistic person.” “Life is not a Dress Rehearsal”. card, any card…” Then there are Along the way I wrote a book calledFirst National Appraisal Management Corp. creates a those who just get tired of doing one “I was always interested in personal “Simple Happiness, 52 Easy ways toconduit between the loan officers ordering the appraisals thing and reinvent themselves--easily development, Jim says, so I have Lighten Up”. This has been the most move on to another, entirely different spent a lot of time reading, attending exciting time in my life; being outand the field appraisers actually completing the assignments field. What these career chameleons seminars, and listening to tapes. 9 in the public, talking to audienceswhile maintaining government compliance with the HVCC. do, is follow their “bliss”. years ago I realized I had all of this about how to be happier, a subject stuff bouncing around in my head, I am passionate about.”The Steinway Piano Gallery of Long Island at 505 Sometimes we need to be reminded of and I said to myself, “What good isWalt Whitman Road in Melville, launched it’s combination that. The term “Follow Your Bliss” was this stuff doing in my head? I’ve got Jim Ryan, teacher, guidance156th Anniversary and Grand Opening with a week-end the lesson Joseph Campbell, 20th to get it out of my head.” I spoke counselor, tennis club manager,of musical events beginning on Thursday March 5. Mike Century philosopher, mythologist, to friends and was directed to the financial advisor, and now,Deluise, President of the Melville Chamber of Commerce professor, et al. taught his students. Suffolk County Jail in Yaphank.” For Inspirational Speaker--a true careerassisted cutting the ribbon with Susan Berland, Glenda It became a popular, favorite catch- the past 9 years, Jim’s gone to the chameleon who follows his bliss.Jackson, Mark Cuthbertson, and members of the Steinway phrase in the 90’s. Apparently DWI Alternative Facility on TuesdayPiano gallery. The opening cocktail party featured a showing America’s Bliss was money. This was mornings where he teaches a 10 week Jim began speaking on Long Photo: James Grossof “Note For Note” a feature length film about the creation of the era when the stock market was course in Personal Development that Island and has expanded hisa Steinway piano from forest to concert hall. The music was a rocket, housing prices exploded, he has created. The men come and scope nationally. His book “Simplesupplied by incredibly brilliant youngsters. and the world changed. We moved go. Sometimes they hear the course Happiness” is available at Amazon. on, Joseph Campbell died, and we once, sometimes three or four times. com and in local book stores. YouAre you, or do you know of a new business that should be featured in this column? Everyone qualifies, our only lost the lesson. can reach Jim at 631-754-7636 or,limitation is space! Send your candidates information to INFO@TheCorridorLI.com and if it fits, it’s in! This experience was a turning point info@JimRyanTalks.com or visit his 6 I fidgeted in the small audience at for Jim. He found it very fulfilling website at www.JimRyanTalks.com 7
feel as if I needed a change,” Christie said. “…I When the couldn’t put my finger on it but I was getting restless.” Christie put “feelers” out and accepted a temporary position with the Huntington Bay Village Clerk two days a week. “I missed the corporate life, though” she said. So she sent resumes out and began her search in earnest. “I left Green Street before it was Family over, I was expecting my son and suddenly it wasn’t about me anymore.” “We maintained our integrity to the Business end, reputation is everything.” Goes Down Peter had noticed that Christie didn’t appear to be as interested in the business as she had been in the past, and claims he was not surprised when she told him she was leaving. “I supported her,” Peter says, “…it was a great move to a great company, and she took all that she learned and brought a lot to the business.”Many of us face harder times ahead than we ever They started from home with an ad in the Shortly after Christie left, Peter realized that theexpected. What do you do when the family business newspaper. Peter recalls “That first weekend we market was changing. “We all knew that what wasgoes under? were flooded with calls. 250 calls! We advertised going on in the mortgage industry was incredibly a rate that went from 7% to 6.875% and we were wrong …it was as if Wall Street had gotten drunkGreen Street Financial was a family owned inundated in one weekend.” on money. I knew a storm was brewing but did notmortgage company in Huntington, in business expect a tsunami. I never dreamt that that my BOAfor ten years. Peter Marino, his wife Pamela and The company evolved and grew with Peter at the stock wouldn’t be good. I had faith in the BOA brand.her daughter Christie Pennino, created a highly helm, and Christie was soon promoted to Vice My plan is gone—“ Green Street fell victim to thesuccessful business based on solid, ethical lending President. They were a community based company, economy and closed the books on October 27, 2008.principles. “We never did sub-prime or ‘no income developed relationships in the town and did well. “We maintained our integrity to the end, reputation ischeck’ loans,” said Peter. “We lost relationships with “The market was great,” says Peter, “and people everything.” Peter said.realtors because we counseled people who couldn’t liked us. Our philosophy was to be different than theafford to re-finance, not to.” banks…” Their approach was right for the time, and Christie is comfortable in her new position with their strategy worked. The business flourished over Bethpage Credit Union. “It was a humblingAfter 20 years in the corporate world with Bank of the next several years. experience. I went from Queen Bee V.P. to a loanAmerica, CitiBank, and as a Senior Vice President officer and was suddenly responsible for my ownat the Long Island Savings Bank, Peter decided The decision was made to expand their scope actions. It wasn’t easy telling Peter I was leavingthat he wanted to be in control of his own destiny. geographically. “We were just flooded,” said Peter, Green Street. I lost sleep over it. Ultimately, we both“Each job I lost,” he says,” was due to some kind of “…we were trying to become a bigger company.” made the right decisions for us.”restructuring of the company I was working for—it Green Street Financial left Huntington and movedwas either bought or sold, or the circumstances of to Garden City which changed the dynamics of the While Peter’s Bank Of America stock may not havethe business changed. I wanted to build something company. Christie developed rapidly, and grew a provided the golden parachute he was expecting,for myself.” huge network of friends, acquaintances and clients. BOA is still an enduring presence in his life as his 8 “I noticed a difference in the market that made me most recent employer.
y Your Hope for Homeowners Program Can Reduce Mortgage Principal n’t Pa And don’t forget good ole Uncle Sam who’s ready any deficiencies, including arrears, and make them go S to slide down the chimney with a few goodies if puff. Say it: P-U-F-F. It’s that easy. Fixed interest rates. Do T you’re under water, in default or your rate’s not quite Thirty year payout – it can’t get any better. Don’t worry EB right. FHA’s got a brand new program called Hope about credit scores – no problem. And ditto for late for Homeowners that’ll trim your mortgage to ninety payments on your mortgage. percent of your house and get your lender to write off D The Financial Vigilante Don’t pay your debts. That’s right. How’s that for a heads up on 2009? Are we talking bankruptcy? No. By: Kenneth B. Schwartz Don’t Cry For the Credit Cards And what about those credit cards that keep calling for a spare hundred or two so you make their cycle and keep things going till next month when they’ll call again for more. Amazing how those numbers never go down – Newton’s Laws of Physics, some may say. Check by phone. Protect your credit. Pay what you can to make the world a better place because good folks pay and bad folks, well … they’re the evil doers who got us into And so, water always seems to settle at around thirty some odd percent on many of those credit cards, regardless of how you may try. Pretty oppressive for consumers? Sure. But – just splendid for the cards. Are we all about the cards or do we care about our own pockets? Sure you can pay and pay till Congress finally wakes this mess to begin with. Or did they? up and says, gee, maybe we need to second guess Financial suicide? No. those lobby’s and how thirty some odd percent can kill What about that federal law called the National Banking the economy. Or, maybe you can take matters into yourWe’re talking how to get ahead in 2009 if you’re in the place where lenders throw the economy into chaos Act that allows credit cards to pick and choose their own hands and stop paying – kind of like a financialhole with too many credit cards or you’re paying way by letting all the buyers in and pumping - and then, usury laws by moving their home office till it’s j-u-s-t vigilante. Cut’em off cold turkey. And if you do – whattoo much on your mortgage and you want out from pushing all the homeowners out through foreclosures right. South Dakota’s just wonderful, many would say. happens? Will they sue? Get a judgment? Attach yourunder. Hmm… and distressed sales … and dumping. Pumping and Lots of snow. Sub zero temps. Buzzards. And it just bank accounts? Dig an eight foot ditch and toss you dumping. Pump till values are sky high. Dump till so happens that usury allows thirty some odd percent. in? Solitary confinement? Perpetual damnation? WhatForget those financial gurus who say, put aside eight values take a nose dive and lenders eat themselves Oooo… about none of the above?months in expenses to save for a rainy day – just in alive and all those billions in equity go wee-wee-wee allcase. In case you lose your job. In case a massive the way home. Yuk - imagine that.tsunami swoops down and carries us away to a Credit Cards Settle for Cents on the Dollar Modification Agreements to Make Did you know that as folks get deeper and deeper into you feel? Should we shed any tears for the credit cards Your Mortgage Kinder and More Gentle the S List – as your account gets more delinquent – it’ll who stuffed their faces with thirty some odd percent,Say you’ve got first and second mortgages and you’re more consistent with desperate times - and leagues get easier to settle for cents on the dollar. Ninety days. plus late fees, plus over the limit fees – plus whatever?upside down with the mortgages topping your house by more affordable. And if you’re in arrears by a month One hundred twenty. Count’em. Collection agency or All courtesy of our federal lawmakers who can’t seema hundred grand. And say those mortgages look even or two – possibly more, keep your chin up and they’ll no collection agency – it doesn’t matter. to figure out why folks can’t pay their debts.uglier with interest on the first being eight percent and likely roll it over so you won’t have to throw in cash.interest on the second – ten percent. Kind of hard to All in all, a good deal. But take heart and don’t despair Eventually those nasty souls will do a complete So next time you’re thinking survival and financialwrite those checks every month, huh? Even harder if if you’d like to keep paying so your lender doesn’t get turnaround. They’ll smile. Then they’ll cup both hands – planning for the decade, think twice about where youryou don’t have the money. So what to do? Pay or no upset – perhaps they’ll send you a glossy card when face up – and beg for a little forgiveness. Fifty percent. money’s going and why. Become a financial vigilante.pay? the holidays roll around. A token of their appreciation Forty percent. And sometimes even ten percent. one might say, for all the billions in taxpayer money so Till next time.Maybe the answer lies in what’s good for numero uno. they can name stadiums after themselves and cover Imagine that. Imagine taking a twenty thousand dollarAnd most would say that more in the pocket’s always the cost of those fancy rugs that never seem to go on debt and settling for six – five – four. How badly wouldgood. Less in the pocket … eh. Don’t pay and maybe clearance – or maybe they’ll do the bonus thing for ayou’ll set the stage for a modification agreement where job well done.your lender will agree to reduce that rate to something Ken Schwartz is a writer and sole practitioner located at 555 Westbury Avenue,Carle Place, N.Y. 11514, 516-333-7020.10 11
Informing Yourself: How does one get accurate information? The answer is often: confirmatory research far easier. Many sites that use statistics Check where the information is coming from. contain URLs pointing to the actual, original information. In other cases, it is far faster to get the information online than it Proof Release Stock prices are a simple example. Checking a major ever was in even the most efficient library. TEAM 4G 8/28 Phil McArdle Roofing & Siding #13351 publication, such as CNN Money (http://money.cnn.com) NUMBER: TC- 343668 to access information which has been directly provides a way TRACKING ISSUE DATE: September-October 2008 The Web is not theAccount Services Coordinator, access Contact Your world, merely a very fast way to get Wealth of available information both boon and bane derived from exchange trading, the actual source of the data. EDITION NAME 00049 Huntington Justin Piosa, to information that was traditionally found in the library. Use (x3905) By Bob Gezelter Similarly, manufacturers’ www sites generally have accurate At 717-509-9256 this information as an adjunct to other sources of information such as courses, seminars, and books. EMAIL: 4G@clippermagazine.com This is the information age. Today, we have more spheres, the potential for being mislead or injured is far information about their products. Even here, a critical eye is FAX: 717-358-2542 information available at our fingertips than has ever more severe. needed. Sometimes, product data is characterized in ways To have one coupon online at myClipper.com SBDC Use Only Ofﬁce Farmingdale (http://farmingdale.nyssbdc.org, see that indicate your choice, circle one coupon. If yousuch circle one, we will select one for you. To can easily be mis-perceived, do not as cars characterized as WWW site for Pre-Registration Requirements) ARTIST TEAM/SHIFT ART DIRECTOR PROOFREADER CHANGES been available in recorded history. 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Yet, at most PLEASE SIGN YOUR PROOF AND COMPLETE THE FOLLOWING INFORMATION 9/4 n/a images only has perversely made discerning quality information ever schools students have access to the web, and often limited ❑There is not❑and approved with changes will is nota magic bullet that Ad is approved Ad is probably never ❑ Ad be approved make changes indicated Phil McArdle “A Please deliver Terrible Thing to Waste”, March 25, 2009, 7:30 Crisis is a asap to: _____________________________________________ more difficult. training in the critical thought and processes needed to EMAIL: ___________________________________________________________ separate solid documented information from fanciful or solves this problem. The only effective solution to this PM, Huntington Hilton Hotel, sponsored by the New York 631-754-3203 631-261-1300 PHONE: __________________________ FAX: __________________________ In the past, newspapers, magazines, and other publishers undocumented information. When researching a question, problem is to bring a critical mind to all information, and SIGNATURE Collaborative Action Group. Free. Registration: (631) 393 AREAS 00049.08 employed fact checkers to verify that the information many students merely use a search engine to find items cross check multiple sources of information against each 4456; firstname.lastname@example.org published was accurate. Today, relating to the subject at hand and PRINT NAME If something seems too good to be true, it often is. If it is other. DATE having a fact checker on an article read the pages. Unfortunately, accurate, it should be possible to verify the information from COUPON PLACEMENT MAY CHANGE PRIOR TO PUBLICATION You can the propertyMr. GezelterMagazine not beresponsible for any other not marked. This ad is reach of Clipper Magazine and may Please review your proof carefully. Clipper bob@thecorridorLI.compublication. is not reproduced in any error or visit or book is a rarity. 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Charlie Large Everyone’s Favorite, Eccentric, Billionaire Uncle Restaurant Row Robke’s Country Inn 427 Fort Salonga Rd. in Northport. 631-754-9663. For full menus go to: www.RobkesCountryInn.com. Photo: Teri HerzogWe were ushered up to the second floor of a Since that goal would not show immediate results, hecontemporary splanch in a South Shore waterside and Davis chose Charlie as their first salvo. His timing Photo: Teri Herzogcommunity. Behind the broad desk was an imposing is impeccable. Davis and Kornblum let Charlie loosebookshelf of well-read, (and I judge this by the number into an unsuspecting world trembling on the edge of Some things are worth re- pasta, pasta! I haven’t even The Chicken Martini was also aof sticky-note ears that were holding pages) philosophy economic chaos; and coincidentally, at a time when the visiting, and Robke’s Country mentioned the specials yet! stand-out dish, fork-tender andbooks. The gentleman-philosopher owner of this last really good board game was released 30 years ago. Inn is one of them. At the flavorful, complemented withbookcase is Adam Kornblum, at age 25 the creator Charlie Large teaches responsible credit through the entrance to Northport Village While the atmosphere is a complex and robust tomatoof everybody’s favorite, eccentric billionaire uncle, game “Charge Large”. The goal of the game is to earn on Fort Salonga Road, Robke’s “casual”, the solidity of the based sauce. AccompanyingCharlie Large. With him was Charlie’s a black card, the highest-level credit card, have at least was a German pub many years establishment is undeniable. the main dish were severalco-creator, Joe Davis. $2,500 in cash and zero debt. Much more sophisticated ago. When it was purchased The handsome interior is side dishes--sautéed spinach than Monopoly, it is a complex game that forces you to by Louis Salvaggio, he re- immediately welcoming and and broccoli rabe wereAdam and Joe claim that Charlie think. You have to keep your own books, too. There is created an Arthur Avenue style comfortable. It’s a great place appropriately bright andwas not so much “created” as “self- no shoe or racecar token, but you do get a salary and Trattoria. Long famous for it’s for a two-hour lunch. We went fresh, while the potatoes weregenerated”. Not exactly an “imaginary a chance to win the lottery. high quality steaks and burgers, for what was expected to be a delightfully crispy on the outsidefriend”, Charlie created himself, in ayear or less, they say. The concept of Charge Large is a really good game. But most we rediscovered Robke’s again, business lunch, but the food and meltingly velvety on theself-generation is consonant with the interesting, is that Charlie’s success just might this time for lunch. While it’s stole the show. There was no inside.inhabitants of that bookcase. be due to the popularity of the most recent social true that in general there is no doubt that the chef spent time networking website, Facebook. Adam flashes “free lunch” you can get quite in the food preparation and the Even with a huge array ofMr. Kornblum quotes Plato and dimples and smiles “Social Capital, an adequate one here for just result was flawless. A hearty choices, there were nowants to teach youngsters it’s the new cash!” Kornblum $10.00. The menu is decidedly helping of fat, toothsome, repeats in the sauces or thehow not to fall into the and Davis’ persona, Charlie Italian and features a substantial garlicky shrimp, boasting the seasoning. Each dish wasBaby Boomer (one Large has a network variety of meat, pasta and faintest sheen of a buttery uniquely flavored, each flavormore thing we’re of 2,750 “friends” seafood. glaze was served over a perfect complementary to the othersgoing to be famous on Facebook, portion of risotto. The risotto but none overpowering.for) credit trap. and another The extensive lunch menu is was the real deal—slow-cookedTheir original goal, 75,000 contactsKornblum says, was world-wide. almost as ambitious as the Arborio rice with bits of thinly Lunch is served until 3pm“To fix the whole They throw dinner menu, with 4 salad shaved mushroom and delicate Monday through Saturday. Theeducation system.” big parties, do choices, 3 seafood choices, seasoning. $10 Sunday Brunch is served14 (continued on pg 17) 4 chicken dishes and pasta, from 11am until 2pm. 15
(continued from pg 14) Traditional serious networking and wheel and deal in a real YOU ARE INVITED! world peopled with politicians, celebrities and Media types. The arts and entertainment flourished during the Great Depression, offering the population fantasy Investment Wisdom escapes from reality. Parker Brother’s Monopoly was released in 1935, at the height of the in alliance with Depression. Movies that focused on the wealthy, escapism and fantasy like the Marx Brothers, By Rita Medaglio-Barrera, CDFA™, CSA® or Frankenstein, Mae West-- were popular, and and the lives of the rich and famous made for juicyWe have all seen our 401k’s or IRA’s stagnate for some Diversify - by company, by industry, and by country. Rather reading every morning in the “Society Pages”time. Perhaps our expectations were a little too high and than having all your eggs in one basket, if you select many of the newspaper. Americans are still fascinatednow we need to face the reality that we cannot spend as high quality companies, spread across many industries, from is hosting a Networking Event on with celebrity, but during the depression celebritymuch on the things that we want, but spend only for the all over the world, you will likely find more, better bargains,things that we need. As a society we have come to expect and protect yourself during down markets by having low March 25 between 6:00 pm and 8:30 pm was conferred through wealth alone.instantaneous gratification and double digit returns-- now correlation among your holdings. This means that if you do atwe cannot believe that we have lost one-third to one-half not know what your mutual fund’s holdings are, then you To paraphrase Nietzsche, “Credit is dead, but weof our financial investments. In 2000 after the tech bubble need to seek a financial professional. Your portfolio may The Savannah Lounge, all must live in the shadow of Credit.” Best ofburst, we had a terrible bear market for two and one-half decrease less in value, and may recover more quickly and 1900 Hempstead Turnpike in East Meadow. luck to Adam Kornblum and Joe Davis, and ofyears and many people lost a lot of money. It reminds me of fully, than a more concentrated or restrictive portfolio would. Cash Bar. course Charlie. I feel secure knowing the futurethe days when former Chairman Greenspan would say the is in the hands of men like this. How bad can themarket is experiencing “irrational exuberance…” Yes it is Adjust Your Spending Plan - Cutting back spending by Bring business cards and a smile! education system be, if it produced the two oftrue that we did not have skyrocketing unemployment with 25%, so we do not dip into the principal, may mean that we them?many businesses downsizing or even closing; or the high do not get to eat out as often as we used to, or we cut backrate of home foreclosures that we are now facing-- but we on extravagant vacations by looking for bargain prices anddid survive it and there is a light at the end of the tunnel. We getting more for our money.just don’t know how long it will take, and it is the fear of theunknown that makes us nervous. This is a time that we need Tax Strategies - Review available tax reducing strategiesto get back to the basics. with your financial professional. Your financial professional will know how to help you save money in taxes.Set Realistic Goals and Stick to Them - The key tosuccessful investing is to set realistic goals and stick to it and The current financial and economic meltdown has helped usnot let fear or greed get in the way. If you are within 5 years retool how we do business, how we should spend, how weof retirement, make sure your investment risk tolerance should invest. Markets run in cycles and we need to keepreflects that. Many people want the double digit returns, but things in prospective. We still live in the most prosperouscannot tolerate the up and down rollercoaster ride we have and greatest country in the world, where we are given manyseen the markets do. opportunities to live out our dreams and use our talents to our full potential.Put Your Plan in Motion - Once you have set your goals,you can begin to put your plan in motion. As financial As the Stimulus Plan is set to help unclog our credit marketsprofessionals, we use a technique called dollar cost and lift the housing market from a continual downward spiralaveraging. Dollar Cost Averaging is a systematic, disciplined and re-regulate the financial and banking sector, we mustapproach to investing that enables you to take the emotion focus our attention on getting back to basics.out of it. It is a convenient way to build up a significantportfolio and withdraw income during retirement. For Ms. Medaglio-Barrera, is the President of BMR Globalexample, if you are buying an investment such as a particular Wealth Management Group, Inc., a full service wealthstock or mutual fund, you are buying it at different prices at management and financial planning firm; and a principaldifferent times. It is the average price per share over the time of The Mediation and Collaborative Action Group, bothyou invested your money. located at 555 Broadhollow Rd, Suite 422, Melville, NY16 111747.
WEAK ECONOMY with a death benefit paid to the beneficiary only in the event the Estate Freezing Techniques. Appreciation and inflation will insured dies during the specified period. Whole life insurance, increase the value of one’s estate, and estate taxes upon on the other hand, is a fixed premium fixed return product death. Accordingly, any estate-reducing program will be moreFAVORABLE which provides for guaranteed cash value accumulation. effective if it includes techniques to shift appreciation and Universal life policies retain the fixed investment performance income to a person’s beneficiaries. Many estate “freezing” of whole life policies, but allow greater flexibility as to premium techniques involve creatively transferring ownership interest in amounts due and when premiums must be paid. It also may a closely-held business so that the business’ increasing valueFOR BUSINESS permit a policy holder to permanently withdraw cash from shifts to the owner’s beneficiaries. the policy through zero interest or wash loans, which allow the policy holder to access accumulated cash without paying One of the most effective “freezing” techniques is the Grantor income tax. Variable life insurance shifts the investment risk Retained Annuity Trust (“GRAT”), which is an estate planningAND ESTATE to the consumer, along with the potential for greater returns technique based primarily on interest rate assumptions. It than possible with other permanent life insurance products. It capitalizes on the mismatch between the interest rate used also offers a flexible premium structure, much like universal life to value transfers under the Internal Revenue Code and the insurance. actual anticipated performance of the transferred property.PLANNINGBy Thomas D. Glascock, Esq. Buy-Sell Agreements. A closely-held business may face crisis upon the death or disability of a co-owner, or when a co-owner retires or wishes to sell his / her interest in the business. Moreover, a selling co-owner has a limited market in A grantor will create a GRAT by transferring appreciating property into an irrevocable trust for the benefit of one or more non-charitable beneficiaries (i.e., children), and will retain an annuity interest for a specified term of years. When properly which to sell his / her business interest, and a purchasing co- structured, the retained annuity’s actuarial value will be nearlyWith indicators that the economy continues to weaken, concerns that the U.S. might slip owner faces both the cash drain of buying the selling owner’s equal to the value of the property transferred and the GRAT willinto a “mini depression” persist. However, the late Sir John Templeton famously advised interest and the loss of the selling owner’s contributions to accomplish removal from the grantor’s estate of the transferred“buy at points of maximum pessimism” and, likewise, many financial professionals the business. An inexperienced spouse or child stepping into property’s growth in value, if any, in excess of the Section 7520recommend against abandoning the stock market but instead to review the business upon a co-owner’s death may exacerbate these discount rate applicable to the month of the transfer. By soone’s investments mindful of protecting and rebuilding one’s portfolio. difficulties. For these and other reasons, it is advisable that a doing, future growth in the grantor’s estate is limited, and saidNow is an excellent time to address your business and estate closely held business have a buy-sell agreement in place. growth is transferred to beneficiaries free of estate and gift tax.planning needs, as both life insurance premiums and interestrates are at historic lows. This, along with reduced market A buy-sell agreement is a binding agreement between the With the presently low interest rates and market values, avalues, has created an excellent opportunity for life co-owners of a closely-held business (and possibly the entity) particularly excellent opportunity is available to “freeze” theinsurance and buy-sell planning and for the effective use to purchase and sell the ownership interests in the business for value of one’s estate against future appreciation and inflationof estate freezing and gifting techniques. a stated price and stated terms upon the happening of certain and to transfer an increased amount of future growth tax free. future events. These events may include death, disability, an Using vehicles such as Grantor Retained Annuity Trusts, oneLife Insurance. Life insurance is often acquired as an offer to purchase an owner’s interest from an outside party, may presently, under very positive terms, transfer the growth ofincome replacement vehicle, to provide an income tax- and termination of employment. As such, a buy-sell agreement appreciating assets to beneficiaries free of gift and estate tax.free death benefit to protect against the economic loss controls, among other things, when an owner can sell his / herof a family member or key employee. It, however, interest, who can buy the owner’s interest, and what price will While the present economy has created many challenges, itcan be utilized for many additional purposes, with be paid for that interest. also provides many business and estate planning opportunitiesavailable life insurance products falling within at historically low costs and on historically favorable terms. Theseveral broad categories. Said categories include Funding a Buy-Sell Agreement. Without a funding mechanism above described techniques are just some of those that mayterm insurance and several permanent insurance in place, however, the triggering events described above may be possible. These opportunities should not be missed.products -- whole life insurance, universal life threaten the business’ survival. When the triggering eventinsurance, and variable life insurance – which is death or disability, life and disability insurance is the most Mr. Glascock is an attorney associated with the law firmprovide both a tax-free death benefit and an popular method of funding all or a part of the payment of the Forchelli Curto Crowe Deegan Schwartz Mineo & Cohn, LLP,accumulating cash value. purchase price under the buy-sell agreement. With presently and can be contacted at 330 Old Country Road, Ste. 301, low premium rates, buy-sell agreements can now be funded P.O. Box 31, Mineola, New York 11501; Tel: (516) 248-1700;Term life insurance is acquired for a at historically low costs. While term insurance can be used, Direct Dial: (516) 812-6308; Fax: (516) 248-1729; E-Mail:specified period of protection (for permanent life insurance should also be considered -- and TGlascock@ForchelliLaw.comexample, 5, 10, 15, 20, 25 or 30 years), may be more cost effective -- as insurance coverage may be Photo: Teri Herzog needed for many years.18 19
The Long Island Network Taking Charge By David Gussin By Sherry RiveraHello everyone. This month’s Corridor theme is financial. So I ask Jacques Jourdan sponsored his first events this past myself, what the heck is financial networking? For this year and sees positive results. In addition to closing article it’s about giving financial professionals quality more deals, Jacques has established name recognition tools and ideas to help them better network and promote for himself and built a solid foundation. You can too. their services. The term ‘financial’ touches many Sponsorship, team-ship with other businesses, and occupations. The good news is quality networking is the taking a leadership role in igniting business events/ same for all of them. seminars/ quality info, is good for business. Since we last wrote, networking has become the rage. More Tools: Get your name out there ... Even heard finance guru Susie Orman’s mentioning it. Unlike the printing professional who may very well get No matter what company you represent, you always an order for business cards, a logo or letterhead during represent yourself first. If I were a financial pro, first thing Credit- What is it in today’s world? What current balance to the high credit limit. If a networking function, for the financial networker, I would do is buy my name dot com. For me it would be networking is about establishing and building DavidGussin.com, If that was taken, DavidIGussin.com. about those scores? What I should know? there is none then, it perceives it as 0 and relationships. Shake enough hands, give enough Even if you don’t use it, for approximately ten bucks a even a $100 balance will have a negative quality info, do what you say you’re going to do and year, you own it. Most people who find you on the web The credit score has become THE all score impact as you are over the limit. than FINALLY!!! someone gives you a shot. already know you. You may have made the cold call, got the introduction, met at an event ... now, they are important number in our personal life and Finance is not pizza or getting a skirt dry cleaned, for checking you out. It doesn’t need to be fancy, but make for business owners as well. It wasn’t so Keep your balances to no more than one them it’s ‘the food is delicious’, ‘they do a great job’, for sure they find you. long ago that your credit was evaluated third of your high credit limit. There will be the finance professional it’s a constant and tremendous responsibility to be in control of a clients’ assets. After HelpAReporter.com - HARO for short. A unique site by a human reviewing it and making some negative impact as it goes beyond recent scandals, the public will be wary of financial w/ benefits and drawbacks. If you sign up for HARO, a judgement about your willingness to this. If you have a $1000 limit then no ‘experts’ for a long time to come. Their honesty and Monday - Friday, three times a day, you’ll receive e- repay your debts. Several years ago the more than about $330. For example, if integrity will be scrutinized more than ever. Whether mails with 20 - 30 inquiries from reporters across the CREDIT SCORE was developed and the you have a card with the above situation you’re rookie, a decades long success story or a multi country. The biggest papers and mags in the world, more billion dollar bailout recipient rebuilding this trust is obscure places as well. Simply, if you answer a reporters world of credit will never be the same. An but the balance is $800 then call the priority #1. inquiry, you can find yourself in an article, sometimes algorithm decides your score. It no longer creditor and see if you can get it raised. you can be the article. In addition to getting into articles, uses logic that a person would think is the This is a way around the issue other than Be a leader ... you may very well find yourself as the primary basis such as timely payments paying down the balance. You can either attend networking events/ seminars or reporters source for and how much one owes. you can become a leader/sponsor of them. Taking a future articles. The Don’t open too many new accounts leadership role in bringing business people together, drawback is that most providing quality info and helping in the community is a of the time, the HARO New considerations have been added at once. Sometimes one thinks of smart, affordable way to get your name out there. inquiries won’t have and are not anything the average person opening more to build credit or just to to do with your area of could possibly know. Here are some take advantage of a specific discount Putting together an event may seem overwhelming. expertise. So looking We’ve held dozens of events and still worry if people will through the emails things to be mindful of to keep your score offered for opening a card. It is fine but show. They always do. You can do it, hopefully without can be cumbersome. as high as possible. These days over 720 is be mindful of not opening more than the worry. You can attach your name to an existing Overall, a quality desirable. one every few months. This can have a event by sponsorship or you can create your own. You tool. negative impact. may want to consider joint efforts with other businesses you work well with, but which do not conflict with yours. Build trust, be a Certainly make sure you pay your bills by This opens the door to more potential clients. For leader, work to get the due date. Allowing people to check your credit example, if you team with three associates and you all your name out there subtracts points from your score. Don’t have a goal of a minimum of 10 people in attendance, ... hope to see you you will meet 30 new prospective clients. next month. When reviewing a copy of your credit readily give out your personal information check that sure all accounts have a high for someone to check your credit for a Long Island based JP Morgan Chase Business Banker credit limit. The algorithm compares your quote etc.20 5 21
If for some reason you need to decidewhether to pay a mortgage or a creditcard, make sure it is the mortgage.Delinquent payments have different CALL We make it easier for customersweights. Mortgage is most detrimentalto the score followed by car and other FOR PT H ASSOCIATES to find your business, no matterinstallment accounts and finally creditcard debt. This is not to encourage late EDITORIAL Inc. what business you are in.payments but rather to give you a betterunderstanding of the credit system. The Corridor is growing and so are our needs. www.pthassoc.com 631-242-5364Too many cards with higher balances can This Spring we have planned for in-depth articlesbe considered too much debt having a on the Food Industry--Restaurants, schools, retail,negative effect on your score. ethnic foods, recipes, festivals—we’re featuring LIDIA, Long Island’s own TV Italian KitchenA final BE AWARE is with credit card Chef.companies these days. They are The boating season is about to begin on Longreviewing your credit more frequently Island, so we’re going to take a peek into thatand can raise your rate on a card if they industry as well. Share your expertise! Whatsee you delinquent or late on another are your favorite spots on Long Island? Wherecard. They will look for any opportunity do you go for a day or two away from the house?to raise your rate. A late payment on A Staycation on the Island can be as exciting asa specific card can also spark a rate a vacation almost anywhere. Festivals! Fairs!increase on that card. Watch the pariahs Shows! Entertainment! We’ve really got it all.as they are doing some very aggressive BIG IDEAS is always looking for new ideas thatrate increasing with little provocation. haven’t hit the public yet...exposure in The Cor-This is particularly true for those that ridor might just put you in touch with your nextcarry substantial balances. I have seen investor. If you have a BIG IDEA or know some-interest rates increased to 40% on credit body who deserves coverage, please let us know.cards. We need writers, photographers, ideas, talent. This publication is a team effort--If you haveKeeping the credit score up is so very questions, comments or contributions, inquireimportant. It is used for providingcredit for mortgages, all kinds of creditrequested, insurance including car to Editor@TheCorridorLI.com or call 631-683- 4660. Ideas are always welcome, as are articles and photos. What good is a fabulousinsurance, employment etc. Evenwhen applying for credit, leasing Print ad sales can be a very lucrative career. We partner high commission and great networking. Website if no one can find it ?and mortgages for your business, the This is a ground-level opportunity to create a fullprincipal’s credit score is part of the time career during part time hours.consideration. PTH can take the complexity out of local internet advertising. *Advertising is always available, check our web-Ms. Rivera is the President of Guardian site, www.TheCorridorLI.com and the editorial Everything local and regional businesses need to set-up,National Funding, Inc. located in calendar to best target your marketing dollars. maintain, track and analyze internet advertising campaigns.Rockville Centre. She can be reached Deadline for advertising is the 22nd of the month preceding your issue. email@example.com at 516 594-1400.