Program: Nick Scheibnr and Vick Cannillo, of Baron Financial in Fair Lawn gave a talk on Five Takeaways for Rotarians
Read on for this week's SPOKE
SPOKE:
Englewood Rotary Club – December 4, 2018
Meeting Location: Crowne Plaza, Englewood
Presiding: Janet Sharma
Recorder: Mitch Schonfeld
Birthdays/Anniversaries:
Visiting Rotarians and Guests:
Announcements:
Janet made the following announcements:
- This year’s holiday party will be on Tuesday, December 18th at 6:00 pm at Florence and Bob Marchi’s house. The cost is $55 per person in advance or $100 at the door (if you don’t RSVP in advance!) Thus far 15 have paid Deadline to register in advance is TUESDAY DEC. 11th.
- The Board will meet after the 12/11 luncheon
- Our coat drive will last one more week and then coats will be donated on the 12th
- Jim Cole is exploring other lunch meeting options
- For Susie Schneider’s wedding the club received $7,500 in lieu of gifts to the new bride.
Other Announcements:
- Eddie Hadden returned from a trip to Seattle where he learned about a health related project that might be a good fit for our area, given the proximity of three major medical institutions nearby.
Happy Dollars:
Program: Nick Scheibnr and Vick Cannillo, of Baron Financial in Fair Lawn gave a talk on Five Takeaways for Rotarians
- Always learn how a financial person gets paid: there are fee commission based advisors who get paid when they sell someone a financial product; dual registered advisors who can sell products and take a fee; and there are fee only advisors who provide consultations for an hourly rate.
- 529 Plans for College savings allow a parent or grandparent to put aside tax deferred money into an account on behalf of a young person who will eventually use the funds for college. In calculating the financial aid impact for the student, the Federal Gov’t. counts 50% of the value of a 529 plan if held in the parent’s name, but only counts 5% if held in the grandparents name. There is no obligation to open a plan operated by one’s own state. Look for low cost plans and check whether the State of residence provides a state tax deduction. Utah has a very low cost plan operated by Vanguard.
- Medicare supplemental health insurance and pharmacy plans can and should be reviewed annually by all participants. This year the deadline is Dec. 7th. Depending on one’s own medical needs and any changes in the laws, a different option could provide savings on co-pays and premiums as one’s circumstances change. The County Division on Senior Services can provide free consultation on selecting an appropriate option, as can fee for service consultants.
- Donors can give appreciated stock to a charity without paying the capital gains tax owed on the appreciation. This is a good option instead of selling the stock, paying the tax and then donating the proceeds as cash to the charity.
- Investors should control what is controllable, particularly asset allocation and diversification, selecting quality investments and re-balancing their portfolios when market changes occur. Emotion is the potential pitfall of investors, often resulting in thoughtless buying as prices rise and panic selling as they decrease
Attendance: 21 out of 61 (33%)
Upcoming Programs:
December 11: Linda Cutrupt, CEO of Special Needs Travel
December 18: No luncheon, Holiday Party at the Marchi’s, 6:00 pm
December 25: No luncheon, Christmas Day
January 1: No luncheon, New Year’s Day