Your money: Time to organize

Your financial future: Sorting the pieces of the puzzle
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20 Under 40: JenniferDessoye

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Dr. Jennifer Dessoye is assistant professor of occupational therapy at Misericordia University and owner of Bright Beginnings Early Learning Academy (BBELA). Discontent with the early education curriculum and understanding of human development and neurolo (read more)

20 Under 40: Amy Hlavaty Belcher

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Amy Hlavaty Belcher, 39, owner and artistic director of Abrabesque Academy of Dancing, believes that for those who have been given much, much is expected. “I just try hard to do my best,” she said. I have been blessed with many opportunities and many gift (read more)

20 Under 40: Christopher Hetro

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Chris Hetro, 33, works hard and plays hard. “A strong work ethic is important, but finding balance outside of work is important because life is too short and you need to enjoy it,” he explained. As an electrical engineer and project manager at Borton-Laws (read more)

20 Under 40: C. David Pedri

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For attorney C. David Pedri, 37, it’s all about a combination of qualities that contribute to success. “My philosophy is simple: be open and honest, treat people the way you would want to be treated, with respect, and work hard to attain your dreams. The (read more)

20 Under 40: Ed Frable

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Ed Frable, 28, believes “if I work hard and stick to my word, good things will happen. My crew will not be deterred. We will re-evaluate our game plan and not give up until the job is complete,” explained Frable, the owner/operator of Ed Frable Constructi (read more)

20 Under 40: William H. Bender II

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William H. Bender II, CFP, CIMA, CRPC, loves what he does. “I’m lucky. I come to work every day excited to help the people and institutions we work with,” explained Bender, 34, first vice president at Bender Wealth Management Group, Merrill Lynch. The fam (read more)

20 Under 40: Angelo Venditti

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Angelo Venditti, 38, heard a call to the helping professions early on. Geisinger Northeast’s chief nursing officer answer was to volunteer for his local fire company. After high school, he became a paramedic, then enrolled in nursing school. Three years a (read more)

20 Under 40: Donald Mammano

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At 20, Donald Mammano began his own company, while attending the University of Scranton. Mammano, now 33, and president of DFM Properties, recalls, as a youngster, holding a flashlight while his father fixed the kitchen sink. “From that point on I was fas (read more)

20 Under 40: William J. Fennie III

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William J. Fennie III, 27, is always knocking on the proverbial door, because he knows one day, one will open. As an investment specialist with Integrated Capital Management (iCM) he cannot take “no” for an answer. “I make cold calls every day to invite f (read more)

20 Under 40: Marcus Magyar

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As an advisor at CAPTRUST Financial Advisors, Marcus N. Magyar, CFP, 30, provides comprehensive wealth management and investment portfolio services to business owners, executives, families and high-net worth individuals. His multi-disciplinary team of pro (read more)

20 Under 40: Heather Davis

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Heather M. Davis, 33, director of marketing and communication, is responsible for creating, overseeing and implementing a strategic marketing and comprehensive communications plan for The Commonwealth Medical College (TCMC). She is also responsible for pr (read more)

20 Under 40: Alexandria Duffney

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Alexandria Duffney, 30, is competitive by nature and loves a good challenge. These qualities have led her to her position as associate director of graduate admission at Wilkes University. Here she works with prospective students interested in enrolling in (read more)

20 Under 40: John Culkin

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John Culkin’s tenets inform: “Less haste equal more speed; the same boiling water that softens the potato hardens the egg, it is all about what you are made of, not the circumstances surrounding you; and don’t ask someone to walk a mile in your shoes, bef (read more)

20 Under 40: Conor O'Brien

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“What could be worse than getting to the end of your life and realizing you hadn’t lived it,” mused Conor O’Brien.” As co-founder and executive director of the Scranton Fringe Festival, O’Brien, 25, is responsible for leading the development of the overal (read more)

20 Under 40: Jessica Siegfried

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Jessica Siegfried, 38, is senior designer with BlackOut Design Inc., where she is responsible for all creative design at the full-service agency, from traditional branding and print to collateral and front end web design. “I’ve always had an interest in t (read more)

20 Under 40: David Johns

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David Johns’ career path has been shaped by his diverse experiences. As director of structural engineering at Greenman-Pedersen Inc., Moosic, Johns, 39, ensures that his engineering and consultant teams provide clients with their best effort. “We complete (read more)

20 Under 40: Robyn Jones

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Robyn Jones, 38, president of ReferLocal LLC, has learned just as many lessons from her business successes as she’s had from her failures — and she believes it’s important to share that knowledge with her employees. After graduating from American Universi (read more)

20 Under 40: Nisha Arora

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Nisha Arora, 36, tries to be the best version of herself every day. As general counsel for ERA One Source Realty Inc., she realized she cannot control other’s behavior so “I try to focus on myself and how I can be better,” she explained. Arora’s responsib (read more)

20 Under 40: Justin Sandy

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Starting at a young age in Hazleton, Justin C. Sandy, 33, found a passion for running. He became a member then a coach for Misericordia University’s cross country and track and field programs. “It was at Misericordia that I also garnered the profound sati (read more)

20 Under 40: Dr. Ariane Conaboy

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As a doctor of internal medicine at Physicians Health Alliance, Dr. Ariane M. Conaboy, 34, realizes the importance of human life and how fragile it can be at times. Conaboy graduated from Scranton Prep and the University of Scranton with a double major in (read more)

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efinancing a home, starting a business, saving for college, or retiring? Do you feel like you are paying too much tax? What financial goals or concerns do you have? These important issues can be addressed in a financial check-up. Financial planning provides a framework to assist you in sorting and then organizing the pieces of your financial puzzle.

Why is financial planning important?

A financial plan can help you organize your objectives, evaluate your current situation, and present the options available to achieve your goals. It can help take the mystery and emotion out of otherwise complicated decisions. With a plan in place, you are in a better position to focus on your goals and have peace of mind that you will achieve them.
Following are some of the broad planning areas that most people consider during the course of their lives:

  • Retirement n Education
  • Investments n Estate
  • Insurance n Tax

One of the main benefits of having a financial plan is that it can help you balance competing financial priorities. A financial plan will clearly show you how your financial goals are related. For example, you can see how saving for a child’s education can impact saving for retirement.
This information can be used to assist you in deciding how to prioritize your goals, implement specific strategies, and choose the best products or services. Perhaps, most importantly, you derive peace of mind knowing your financial situation is on track.

The financial planning process

Developing and implementing a comprehensive financial plan involves working with a team of professionals to:

  • Develop and understanding of your current financial situation in terms of income, expenses, assets, and liabilities, and evaluating your insurance coverage, tax situation, and estate plan.
  • Establish and prioritize financial goals and time frames for achieving them.
  • Implement strategies that address your current financial weaknesses and build your financial strengths.
  • Choose specific products and services that are tailored to meet your financial objectives.
  • Monitor your plan, making adjustments as your goals, time frames, or circumstances evolve

Members of the team

The financial planning process will likely involve a number of professionals.
Financial planners act as the quarterback of the team. They focus on your overall plan and coordinate the activities of the other professionals that have expertise in specific areas.
CPAs provide advice on federal and state income, estate, inheritance, business, and gift tax issues.
Estate planning attorneys provide assistance on organizing and titling your current assets as well as preparing a plan of distributing your assets after death.
Insurance professionals evaluate protection needs and recommend appropriate products and strategies.
Investment advisors provide advice about your retirement and other savings vehicles. They assist with determining the appropriate asset allocation and construct an overall investment strategy.
The final and most important member of the team is you. You provide the details of your current situation, as well as your goals and objectives for the future.

Monitoring your plan

The financial plan does not end once you have created and implemented an overall strategy.
Over time, your goals and objectives may change as well as experiencing one or more major events which will require adjustments to your overall financial plan.
Generally, the plan should be reviewed at least annually and whenever a major event occurs. A major event is something that can have a significant impact on your financial situation. Some examples include: buying or selling a home or business, a birth, marriage, or death, a change in employment, or a major change in the economy or tax laws.

Putting it all together

Overall, there are many different aspects involved in your financial life. In addition, your age, family situation, and goals will change over time. Having an overall financial plan that evolves along with your life will ensure that you make the most of your financial situation and provide peace of mind.
A certified financial planner can help you organize your current situation, develop a plan based on your goals, implement the plan, and monitor it on a going forward basis. Find a properly credentialed financial planner that can quarterback you and a team of experts to coach you to financial success.

Eric J. Bleiler, CPA/PFS, CFP is a certified financial planner with JK Financial Advisory Services, 6 Brookhill Square South, Sugarloaf. Contact him at (570) 788-7000 or visit www.jkadvisers.com