Banking and Finance June 2011

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June 2011 A Supplement to Anton Newspapers

Graduation time isa great time to talk

with grads aboutplanning for their

financial future.

PAGE 4

There are critical steps you can taketo safeguard your

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PAGE 8

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BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 20112

72443

BANKING & FINANCE - ANTON COMMUNITY NEWSPAPERS - JUNE 2011 3

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Brokerage, investment and �nancial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. Ameriprise Financial cannot guarantee future �nancial results.

© 2011 Ameriprise Financial, Inc. All rights reserved.

You have many important dreams. Putting your

kids through college. Retiring with confidence.

Leaving a financial legacy for your family and the

causes you care about most. With the right life and

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ameripriseadvisors.com/philip.p.andriola

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Wondering What to Give theSpecial Graduate in Your Life?Congratulations to Long Island’s

graduates and their families! Ashigh school and college graduates

prepare for the next step in their lives, it’s agreat time for parents to talk to their childrenabout planning for their financial futures.It may come as a surprise to some par-

ents, but many teens are looking to them formoney management guidance. In a recentsurvey of high school graduates, 87 percentsaid their parents are their primary resourcefor personal finance issues.1 Just 22 percent,however, said they had frequent conversa-tions about money with their parents.Parents are in a perfect position to teach

their children about the long-term impactof financial decisions, and share withthem important money-management les-sons, such as saving for the future andbuilding a strong credit history.Teens and young adults also get a big

confidence boost when their parents getinvolved.Of the high school graduates surveyed,

those who say they talk frequently to theirparents about money are more confident intheir ability to make smart spending deci-sions, with 83 percent giving their generalspending decisions an “A” or “B.”That confidence is critical. Many college

students, for example, will graduate withnearly $23,000 in student loans.2 Sixty per-cent of 2011 graduates said they are wor-ried about paying back their loans, andtwo-thirds say their loans will influence thejob they take or the career they pursue.3Financial literacy is a lifelong learning

process, and it’s never too early or toolate to teach and learn the basics of smartmoney management.

A Lifecycle Approach toFiscal Fitness

Capital One Bank recognizes that mon-ey management skills are crucial buildingblocks for economic success and investsin financial literacy programs to set indi-viduals of all ages on the path to a life offiscal responsibility and economic self-re-liance. Through this lifecycle approach,the bank partners with several local non-profit organizations and schools on Long

Island to provide resources for individu-als, from elementary school throughadulthood, including program sponsor-ships, volunteering and youth mentoring.“Helping to mentor and guide the next

generation of leaders and entrepreneurs isimportant not only to me, as a father oftwo and long-time Long Island resident,but it’s also important to us as a local bankinvested in the community,” said AndrewCorrado, Market President, Nassau Coun-ty, Capital One Bank. “By taking an activerole in developing our young people, weare helping the entire community and set-ting the stage for their success as adults.”Financial Literacy Programs

On Long IslandCommerce PlazaLong Island kids love Commerce Plaza,

an educational hands-on, simulated busi-ness community. Since it opened in 1999,nearly 28,000 students have participatedin the project, a partnership between thenonprofit group Commerce Plaza Inc. andLong Island school districts.A full-day field trip to Commerce Plaza

integrates classroom lessons with realworld experience. Students have the op-portunity to operate different businesses,receive paychecks, make bank deposits,write checks and participate in other workand financial experiences.The Capital One Foundation provides

support for the program to help more stu-dents across Long Island gain access tothese critical life skills.Commerce Plaza is commonly cited by

Long Island’s students as their “best fifthgrade experience.”

Finance ParkThrough the Capital One/Junior

Achievement Finance Park mobile finan-cial-education program, money manage-ment and basic banking concepts come tolife for local middle and high school stu-dents on Long Island. Finance Park givesstudents a fun, active opportunity to de-velop personal money management skillsand prepare for the financial challenges of

Of the high school graduates surveyed, those who say they talk frequently to theirparents about money are more confident in their ability to make smart spendingdecisions, with 83 percent giving their general spending decisions an “A” or “B.”

(continued on page 6)

Published by Anton Community Newspapers132 E. Second St., Mineola, NY 11501 – 516-747-8282 www.antonnews.com

Publisher – Angela Susan AntonGeneral Manager – Billy DelventhalManaging Editor – Cary Seaman

Director of Sales & Marketing – Frank A. VirgaArt Director – Paul Scheuer

Page Designer – Lucia D’Onofrio

Banking & Finance

mailto:[email protected]

http://www.antonnews.com


Investing to make a differenceCapital One Bank® is committed to Investing for Good on Long Island, to catalyze economic opportunities for local youth, families and small businesses.

Photo: Capital One Bank volunteer assists student from Ralph G. Reed Middle School at Capital One/Junior Achievement Finance Park.

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Taking action toward your retirement goals

Increased inflation. Longer life. Rising healthcare costs. Managing income. These are all part of the new realities of retirement, and the reason why you should attend. Taking action toward your retirement goals.

Specifically focused on your retirement needs and objectives, the seminar presents ideas on how you can prepare for and manage the many changing circumstances on the road to retirement, and answers challenging questions such as:� ��

existing assets?� ��

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inflation and rapidly rising health care costs?

�A complimentary seminar to help you plan your way to a comfortable retirement

Please join us for this exclusive seminar.

Wednesday, July 13th at Matteo’s777 W Beech StreetLong Beach, New York 11561516-432-8101 @ 6:30 pm

Wednesday, August 3rd at La Pace51 Cedar Swamp RoadGlen Cove, New York 11542516-671-2970 @ 6:30 pm

Neither UBS Financial Services Inc. nor any of its employees provide legal or tax advice. You should consult with your personal legal or tax advisor regarding your personal circumstances. As a fi rm providing wealth management services to clients, we offer both investment advisory and brokerage services. These services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. For more information on the distinctions between our brokerage and investment advisory services, please speak with your Financial Advisor or visit our website at ubs.com/workingwithus.

Complimentary dinner will be served.Guests are welcome.

Host and speaker Philip G. Palumbo, CFP® Vice President–InvestmentsRSVP Philip G. Palumbo - 516-745-8849 • [email protected]

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The Graduate in Your Lifetheir adult lives.“The real world is not easy, and life is

harder when you leave home and have toworry about paying bills,” said one stu-dent at William Floyd High School, afterparticipating in Finance Park on the is-land. “I definitely have a higher apprecia-tion for my mom and all her efforts tokeep our household finances in order.”The Finance Park learning lab houses a

mock city where students can experience thechallenges of making real-life financial deci-sions. The program has helped thousands oflocal students learn about managing theirmoney, budgeting and using credit wisely.For more information on Finance Park,

visit www.jany.org.The Capital One CampusEntrepreneurship ChallengeAt Hofstra UniversityThrough this program, students from Hof-

stra’s Frank G. Zarb School of Business arepaired with students from Uniondale HighSchool’s Business Club. The student teamsare given seed capital to develop, launch,run and grow a business. Local bankersserve as mentors and provide professionaladvice and guidance to the students.“This is a unique opportunity where our

students both receive invaluable mentor-ing from a talented and committed groupof banking associates, and serve as men-tors themselves to the next generation ofcollege superstars,” said Richard Hayes,Assistant Professor of Entrepreneurship atthe Zarb School.

Money and MeThis fall, Capital One and Hofstra Uni-

versity will launch “Money and Me,” aprogram designed to bring financial liter-

acy into the classroom and provide LongIsland fourth graders with money man-agement skills.“This program is a great opportunity for

our local fourth graders who might not oth-erwise learn the importance of financial lit-eracy and money management,” said GioiaBales, Assistant Dean of the Frank G. ZarbSchool of Business. “It also allows Hofstraundergraduate and graduate students togive back to the surrounding communityand show the elementary students the im-portance of a good education.”

Educated Kids MeansStronger CommunitiesWith the right tools and resources, young

adults can begin to build the financial foun-dation they’ll need for their futures.Parents looking for more information

can visit www.bankit.com, a financial liter-acy program that aims to help parents andyoung adults understand, talk about andmanage their money. Through an interac-tive Web site and workshops on 12 key fi-nancial topics, the program empowersfamilies to explore budgets, goals andstrategies for making financial choices thatmatter to them.BankIt.com was developed collabora-

tively by Capital One and Search Insti-tute, a leader in positive youth, familyand community development.1. Telephone survey of 501 graduating

high school seniors conducted in May2011 by Braun Research of Princeton, N.J.and sponsored by Capital One Financial.2. Study by FinAid.org and Fast-

web.com.3. Telephone survey of 403 recent col-

lege graduates conducted in April 2011by Braun Research of Princeton, N.J. andsponsored by Capital One Financial.

(continued from page 4)


http://www.jany.org

http://www.bankit.com


72356


AUTO LOANS(New or Used Vehicles)

HOME EQUITY LINE OF CREDIT

* APR = Annual Percentage Rate. Rates and terms accurate as of 06/23/2011 and subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Hazard Insurance required on all loans secured by real property; flood insurance may also be required. HELOCs up to $500,000 are available in NY. For properties located in other states, the maximum HELOC is $250,000 at 70%, except AZ, CA, FL, NV, and MI, where LTV = 60%. Home Equities not offered in TX. No closing costs on HELOCs up to $500,000 by members-closing costs paid by Bethpage must be repaid by the borrower(s) if line is closed within first 36 months. HELOC is a variable rate product with a maximum APR of 18%. The 2.49% 12-month Introductory Rate requires automatic payment from a Bethpage checking account; otherwise introductory rate is 2.74%. The regular rate after the introductory period is prime or 3.99% APR, whichever is higher, currently 3.99% APR. To receive the best rate after introductory period, an initial disbursement at closing ($30,000 for loans up to $250,000, $40,000 for loans over $250,000) and a minimum outstanding balance of $25,000 for 12 months from date of closing are required. To avoid closing costs (estimated at $378 - $6,413) HELOCs of $250,001 to $500,000 must take minimum draw of $40,000 at closing. There is a $500 fee for modification for existing Bethpage HELOCs. Consult your tax advisor regarding deductibility of interest. Prime rate as of 06/23/2011 = 3.25%. Membership conditions apply. All offers of credit are subject to credit approval. Payment illustrated is based on new car rate of 2.69% APR –Annual Percentage Rate. Rates and terms accurate as of 06/23/2011. Rates and terms subject to change without notice. Applicants may be offered credit at higher rates and other termsRates assume loan will be repaid through our Electronic Preferred Payment Program. Maximum LTV of 90%. Membership conditions may apply. No fee for refinancing an existing auto loan from another financial institution. Existing Bethpage Federal Credit Union auto loans can be refinanced with the following guidelines: One percent (1%) of the balance being refinanced is required to be paid. This fee must be paid up front and cannot be a part of the refinanced amount. New rates and terms may apply and are subject to credit approval. There is no time restriction of how soon refinancing can be done after an initial auto loan is disbursed.

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For many of us, at one point in our lives the need to borrowmoney arises - whether it’s to secure another credit card, to fi-nance a new home, to purchase a used car or even help fund an

energy-saving home improvement. While many turn to their banks forlending needs, a smarter alternative today are credit unions, knownfor their lower fees and better rates. At the end of 2009, credit unionlending was up while bank lending was down, according to the CreditUnion National Association. Because they are not-for-profit andmember owned, credit unions are able to offer better interest rateson deposits, loans and credit cards and also offer lower fees thanbanks, and with everyone feeling the pinch these days, consumersare taking note.Bethpage Federal Credit Union, Long Island’s leading community fi-

nancial institution, has experienced rapid growth in recent years to be-come a strong alternative to banks. Bethpage offers a complete menu ofloan products for today’s savvy consumer including home equity lines ofcredit, new and used car loans, funding for mortgages, home improve-ments and more. To find out its latest rates, call 1-800-628-7070, visitwww.lovebethpage.com or stop by any of its 24 branch locations.“It’s important to make sure that you do your homework. There are

many financial institutions out there, but in today’s poor economy,there’s no need to pay more or receive less on loan products, whenyou don’t have to,” said Gerard Schmitt, Vice President, BethpageFederal Credit Union. “Credit Unions offer banking advantages thattraditional banks simply can’t.”Bethpage is one of Long Island’s most convenient financial institu-

tions. Its network of 24 local branches, 60 shared service centers, over350 surcharge-free ATMs, and free online and mobile banking servic-es provides members with easy access to their accounts wherever andwhenever they need it.Bethpage maintains branch locations in Bay Shore, Bay Shore King

Kullen, Bethpage, Central Islip, Commack, Elmont, Farmingdale,Freeport, Glen Cove, Hempstead, Huntington, Islandia King Kullen,Levittown, Lynbrook, Massapequa, Melville, Mineola, North Babylon,Port Jefferson, Riverhead, Seaford, Smithtown, Roosevelt and West-bury with over 350 surcharge-free ATMs in King Kullen, 7-Eleven,Walgreen’s and Costco locations throughout Long Island. For more in-formation, call 1-800-628-7070 or visit www.lovebethpage.com.

Your brokerage firm has an obligation tosafeguard your personal financial informa-tion. But even the best procedures cannot

prevent all instances of identity theft—especiallyif the vulnerability lies with you, the customer.This information, provided by FINRA and

the Securities Industry Financial Markets Asso-ciation (SIFMA), describes the critical stepsyou can take to safeguard your financial ac-counts and help prevent identity theft.How Does Identity Theft Occur?A host of ways. Some identity thieves use key-

stroke-logging software to capture usernamesand passwords, disseminating these programsthrough instant messages, emails, or freeware.Others “phish” for sensitive information by send-ing phony emails that purport to come from a le-gitimate financial institution but which ask for in-formation your firm would never request throughemail—such as confirmation of an account num-ber, password, credit card number, or Social Se-curity number. Still others use the old-fashionedmethod of “dumpster-diving” to recover yourdiscarded account statements or other recordsthat haven’t been properly shredded.How Can I Protect Myself?Take the following steps to secure your bro-

kerage accounts and your personal financial in-formation:Protect Your Passwords and PINsDo not share your passwords or PINs with

others. You also should not store your pass-words or PINs on your computer. If you needto write down your passwords or PINs, storethem in a secure, private place. You shouldchange your passwords and PINs regularly anduse a different password and PIN for each of

your accounts. Use passwords and PINs thatcontain numbers and letters or symbols.Maintain Your Computer SecurityPersonal firewalls and security software

packages (with anti-virus, anti-spam, and spy-ware detection features) are a must for thosewho engage in online financial transactions.Make sure that your computer has up-to-datesecurity software, including security patches,that the software is configured for automaticupdates, and that the software is always turnedon. For laptops, be sure to use encryption soft-ware. Computer hardware and softwareproviders also maintain security pages on theirwebsites with tips for checking and improvingthe security of your system.Use Your Own ComputerIt is generally safer to access your brokerage

account from your own computer. Avoid usingpublic computers to access your brokerage ac-count. Public computers may contain softwarethat captures passwords and PINs, providingthat information to others at your expense. Ifyou do use another computer, be sure to deleteyour “Temporary Internet Files” or “Cache”and clear all of your “History” after you log offyour account. You should occasionally check tomake sure that no one else has attached any de-vice or added programs to your computer with-out your knowledge or consent. Consult theHelp function on your browser and operatingsystem to learn how to delete this information.Log Out CompletelyAlways click the “log out” button to terminate

your access to your brokerage firm’s Web site.Access may not be terminated if you simply

Keeping Your Account Secure: Tips forProtecting Your Financial Information

(From the Financial Industry Regulatory Authority, FINRA)

(continued on page 12)

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Martin A Connor, Agent2417 Grand AvenueBaldwin, NY 11510Bus: 516-543-5388

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3 month 0.25% APY*6 month 0.37% APY*12 month 0.70% APY*24 month 0.75% APY*36 month 1.18% APY*48 month 1.48% APY*60 month 2.07% APY* 0 - $99 0.00% APY*

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7245

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William DaCosta, Agent587 Broadway

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7245

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close or minimize your browser or type in a new web ad-dress when you’re done using your online account. Otherusers of the computer might be able to re-enter the site andhave access to your account online if you do not properlylog out. You also potentially expose yourself to “sessionstealing” if you have multiple Web pages open whilelogged on to your brokerage account. Avoid multi-taskingon multiple Web pages when checking your financial ac-counts online—or, if you must visit another site, use a dif-ferent type of browser rather than opening another window.Be Prudent When UsingWireless ConnectionsWireless networks may not provide as much security as

wired Internet connections. In fact, many “hotspots” —wireless networks in public areas like airports, hotels, in-ternet cafes and restaurants — reduce their security set-tings so it is easier for individuals to access and use thesewireless networks. This increases the possibility thatsomeone may intercept your information. You may decidethat accessing your online brokerage account through awireless connection is not worth the security risk. If youuse your own wireless network, make certain you securethe network with wireless encryption.Check for Secure WebsitesWhen you access your brokerage account online, check

to ensure that the log in page indicates that it is a securesite. The address of a secure website connection startswith “https” instead of just “http” and has a key or closedpadlock in the status bar (which typically appears in thelower right-hand corner of your screen). When you clickon the padlock, the security certificate should confirm theidentity of the site you are visiting. In Microsoft InternetExplorer 7, look for the address bar to turn green.Be Careful DownloadingWhen you download a program or file from an unknown

source, you risk loading malicious software programs onyour computer. Download software only from sites youknow. Be wary of free software because it can be accompa-nied by other software such as spyware. Do not install soft-ware unless you know what it is and what it does and do

not click on links in pop-up windows. Using anti-spywaresoftware helps protect you from such programs.Don’t Respond to Emails RequestingPersonal InformationLegitimate companies will not ask you to provide or verify

sensitive information through email. If your financial institu-tion actually needs personal information from you or yourstatement, call the company yourself — using the number inyour files or on your statement, not the one the email pro-vides! Do not respond to emails, such as “phishing“ emails,seeking your password, PIN, or other personal information.Read Your StatementsRead all your monthly account statements (bank, bro-

kerage, credit card, etc.) thoroughly as soon as they arriveto make sure that all transactions shown are ones that youactually made or authorized. Check to see whether all ofthe transactions that you thought you made appear aswell. Be sure that your brokerage firm has current contactinformation for you, including your mailing address andemail address. If you see a mistake on your statement ordo not receive a statement, contact your financial institu-tion or credit card issuer immediately and follow-up inwriting, where necessary.

Secure Your Confidential DocumentsKeep all your financial documents in a secure place,

and be careful how you dispose of any documents with fi-nancial or other confidential information. Shred docu-ments that have confidential financial or identification in-formation before throwing them away.Safeguard Your Social Security NumberDo not use your Social Security number as a username,

password or PIN, and make sure that it does not appear onyour printed checks. If your Social Security number appearson your driver’s license, be sure to ask your state’s Depart-ment of Motor Vehicles whether it can use an alternativenumber. Keep your Social Security card in a safe place andavoid carrying it with you. You should also be sure to safe-guard the social security numbers of any dependents.Do a Periodic “Identity Theft” CheckReviewing your credit report may alert you to inaccura-

cies and unauthorized activity. You can obtain a free cred-it report every 12 months from three different credit bu-reaus by contacting the Annual Credit Report RequestService at AnnualCreditReport.com. This is the only au-thorized online source for you to get a free credit reportunder federal law. Be aware that you will have to discloseyour Social Security number to obtain this report.What Should I Do If My IdentityHas Been Compromised?If you think that your personal information has been

stolen, immediately contact your brokerage firm and otherfinancial institutions, including credit card issuers, to notifythem of the problem. You should also notify the credit bu-reaus to put a fraud alert on your file. If you detect unau-thorized transactions in or withdrawals from your broker-age account, ask the firm to investigate. Be aware that yourfirm will need time to determine what happened and mayneed your help in identifying family members or otherswho might have access to your account. In the meantime,be sure to change your username, password and PIN for theaccount.About the Financial Industry Regulatory AuthorityThe Financial Industry Regulatory Authority (FINRA)

is the largest independent regulator for all securitiesfirms doing business in the United States.

Keeping Your Account Secure: Tips for Protecting Your Financial Information

There are critical steps you can take to safeguard yourfinancial accounts and help prevent identity theft.

(continued from page 8)


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NEFCU, a premiere credit unionserving Long Island for morethan 70 years, has recently in-

creased efforts to protect its membersfrom online fraud. Through a partner-ship with Guardian Analytics, an inno-vator in predictive analytics-based fraudprevention software, NEFCU has imple-mented FraudMAP Version 4 for retailbanking to protect its online bankingchannel from the growing threat offraud. FraudMap alerts the credit unionto unusual and suspect home bankingactivity within a members account tohelp stop potential losses. FraudMAP ispart of NEFCU’s layered security sys-tem, which also includes Rapport, a freedownloadable security software offeredby another industry leader Trusteer thatprovides an extra layer of protectionagainst a virus or malware, when NE-FCU members access their accounts on-line for Home Banking sessions.“NEFCU chose these technologies to

ensure we provide the most secure Inter-net banking experience for our mem-bers,” said John A. De Ieso, chief infor-mation officer for NEFCU. “Protectingour member’s personal information andmoney is our top priority and thesefraud prevention services are an integralpart of our success. With all the systemsworking together, NEFCU is providingone of the most secure online bankingexperiences in the industry.”NEFCU’s ability to detect account

compromise, fraud staging and anom-alous transactions has resulted in avert-ed losses and significant savings for NE-

FCU and its members. NEFCU esti-mates that it has saved more than 100hours of staff and management time typ-ically lost to insurance claims, paper-work, customer interaction and other re-mediation steps.In addition to its technology solutions,

NEFCU also offers Identity Theft 911,one of the nation’s premier identity thefteducation and resolution services, freeof charge to their members to providethe highest quality victim assistance andconsumer education available withoutcompromising privacy.

NEFCU Offers Go GreenChecking AccountsWith a 3.5% APYHelp protect the environment while

making a positive impact on your bottomline. Through NEFCU’s GO GreenChecking account, members are able toearn a 3.5% annual percentage yield, thehighest checking rate in the marketplace,on balances up to and including $25,000.“We are proud to offer our GO Green

Checking account to create a green ini-tiative that benefits both our membersand the environment,” said Edward P.Paternostro, President & CEO of NE-FCU. “When NEFCU members bankelectronically using our eco-friendlyconvenience services, they are ableto “go green” and “earn green” at thesame time. Electronic channels also rep-resent a cost savings for the credit unionand we are pleased to pass that savingson to our members.”

To qualify, members need to satisfythe monthly requirements, which in-clude performing 12 Visa Debit Cardtransactions with a minimum $5 pur-chase, signing-up for monthly eState-ments and either electing direct depositof paychecks or maintaining an activefree online bill payment account and payat least one bill per month.In addition, members will earn a com-

petitive rate for any balances that exceed$25,000 and benefit from no minimumopening balance requirements and nomonthly maintenance fees. NEFCU alsoreimburses members up to $15 per monthfor any “non-NEFCU”ATM surcharges.For more information on NEFCU’s

GO Green Checking account, please vis-it, www.mynefcu.org. NEFCU is oneof Long Island’s leading not-for-profitfull-service financial institutions thatproudly offers its affordable bankingservices to all Long Islanders. With over$1.5 billion in assets and over 158,000members, NEFCU is headquartered inWestbury, NY and has branches and ashared branch network throughout Nas-sau and Suffolk Counties, along withover 43,000 surcharge-free ATMsworldwide. To join NEFCU, eligiblemembers must live, work, worship, at-tend school, or regularly conduct busi-ness in Nassau and/or Suffolk Counties(excluding the townships of East Hamp-ton, Southampton and Shelter Island).Existing NEFCU members may alsosponsor in immediate family membersor household members.

NEFCU Protects Its Members FromEver-Growing Threat of Online Fraud

MyMoney.GovIs a ValuableResource

MyMoney.gov is a website availableto you from the 22 Federal entities

that work on improving financial liter-acy and education. It is a centralplace for unbiased, reliable informa-tion and materials on financial topicsof interest.All 22 Federal entities represented on

this website work together on these is-sues as part of the Financial Literacyand Education Commission (FLEC) thatwas created by Congress in 2003through passage of the Financial Litera-cy and Education Improvement Act un-der Title V of the Fair and AccurateCredit Transactions Act of 2003 (P.L.108-159). Congress designated the U.S.Department of Treasury’s Office of Fi-nancial Education to lend its expertiseand provide primary support to theFLEC, which is chaired by the Secre-tary of the U.S. Department of theTreasury and composed of 22 other Fed-eral entities. The Consumer FinancialProtection Bureau is also a member ofFLEC.With support from the Treasury De-

partment’s Office of Financial Educa-tion, the FLEC has worked with itsmember Federal agencies to improve fi-nancial literacy and education and pro-vide free, reliable financial informationto the American public through the My-Money.gov website, and the toll-free 1-888-MyMoney hotline.

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Leasing vs. Buying aNew Vehicle: Pros & Cons

It’s All About Your ‘Comfort’ Level(Will Singler of Great Lease Pricing

provided the following information.)

Buying a vehicle is a fairly straight-forward process. You borrow mon-ey from a lending institution, then

make monthly payments until the loan ispaid off. Because you’re typically payingback the entire cost of the vehicle, (lessany trade in or down payment amounts), aloan’s monthly payments are higher thanwhen leasing. However, as you make pay-ments, you gain equity until you eventual-ly own your vehicle. Buying, therefore,has the advantages of ownership not at-tainable through entering into a leaseagreement. Ownership offers you no fur-ther payments at the end of the loan termwhich translates into equity to help payfor a new vehicle, your ability to trade-inor sell your vehicle at any time, (whichmoney from the sale can be used to payoff any loan balance), or to simply keep itas long as you want it without mileagelimits which are always contracted into alease agreement. The vehicle will depreci-ate its trade-in or resale value, but its cashvalue is still yours to use as you like.Leasing, on the other hand, can appear

more appealing to buying since yourmonthly payments are typically much low-er because you are “financing” only theterm of your lease agreement (36 to 48months typically). In other words, you arepaying only for the vehicle’s depreciationduring the lease term (plus interestcharges, taxes and maybe fees), but re-member there is no equity value accumu-lated. Other advantages to leasing include

no down payment, or maybe only a lowone. Leasing a vehicle also means that youcan drive a higher-priced, better equippedvehicle than you might otherwise be ableto afford to buy, and you’re always drivinga late-model vehicle that’s usually coveredby the manufacturer’s warranty. (Keep inmind, however, that a manufacturer’s war-ranty is typically 36 months, so be awarewhen you contract for more months in or-der to lower your monthly payments.) An-other popular advantage to leasing is thatafter enjoying the most trouble-free yearsof the vehicle’s life (typically two to fouryears), you can choose to finance the pur-chase of that same vehicle (if you love itand have low mileage), lease or buy anoth-er, or simply bring it back and walkaway...no obligations, no fuss. (However,do keep in mind during the lease term thatyou are responsible for any excess mileagenot contracted for at the outset of the leaseor excessive wear and tear, standard termswhich are spelled out in your lease agree-ment at signing).These are some of the major differences

and advantages between buying and leas-ing. Most often, however, the decisionwhether to buy or lease simply dependson your own personal comfort level;whether you prefer to own your car andhave the comfort of your paid-in equity,or whether you prefer the comfort and joyof a brand new vehicle every threeyears and, of course, that new car smell!Will Singler can be reached by calling

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Leslie H. Tayne is the founder of The Law Offices ofLeslie H. Tayne, P.C., a legal firm that delivers com-prehensive strategic consulting and support services

with practice specialties in consumer unsecured debt reso-lution, consumer bankruptcy alternatives and bankruptcyavoidance. The firm assists consumers, small businessowners and individuals with the resolution of their unse-cured debts. Leslie Tayne offers the following tips on debtmanagement and explaining finances to children:

Are You ManagingYour Debt Effectively?

For many Americans, living with debt is a way of life.Associated with this lifestyle is fear, anxiety and financialinsecurity. Now more than ever, especially since the eco-nomic hardships of the past year, it is time to take hold ofyour financial situation and begin the process of becom-ing debt free.

Be Aware of SpendingI always tell my clients to take just 30 days and write

down everything you spend money on from stamps to reg-ular household bills. Clients are often surprised by theamount of money they actually spend versus what theythink they spend in a month’s time. After this process iscomplete, analyze your spending and look for ways to cutexpenses. Often just by writing down your spending habitsfor 30 days, you become more aware of what you’re spend-ing and this can curb your urge to spend unnecessarily.

Monitor Your CreditBe aware of your FICO score and the things that af-

fect your score. This includes late payments, carrying abalance within 10 percent of your credit card limit andgoing over your credit limit. The more aware you are ofyour FICO score the more likely you will be carefulopening new credit and spending when you can’t affordto do so.

Less Is MoreI always tell my clients, the fewer credit cards you have,

the better. Multiple cards do not help keep spending down. Itmay seem like this since many times people get the bill andit doesn’t seem high but take a moment to add up spendingon multiple cards and it is often much larger than you real-ize. In addition, be aware of the alluring nature of store creditcards. They offer initial discounts, but the interest rates onthose cards can be the highest allowed by the law.

Get HelpSeek out professionals to assist you before you get

into a situation you can’t get out of. Talk to accountantsand lawyers and find a certified professional to assistyou not only to get out of debt, but to make good longterms decisions.

Stay OrganizedI often tell my clients that the key to not letting things go

is to make sure that you are aware of when bills are due.Get a large desk calendar and write down when bills aredue and also when you’ve spent money. Doing so will helpyou keep track of due dates and spending habits.Getting out of debt once you’re in it can seem overwhelm-ing, but there are certified professionals out there that can

help you if this becomes uncontrollable to manage your-self. Do you due diligence and meet with professionalsface-to-face. It’s never too late to live a debt-free lifestyle.

Money Is Tight,But Do You Tell the Kids?

Age Appropriate DiscussionsAs a mother of three, I always tell my clients to consid-

er age appropriate discussions with their kids. Oftentimesyoung children do not understand where money comesfrom. That’s why it’s never too early to explain that youhave to work and earn money to buy things.Learn to SaveChildren of all ages can learn by saving money. Start

with a piggy bank for young children who are learning tocount. Teach them the difference between coins and bills.Then when old enough for an allowance move on to asavings account. Giving children an allowance teachesthem the concept of earning money for work. Make regu-lar deposits into the savings account so your child willlearn that savings is an important part of life.Just Say NoIt’s an important lesson to learn that we can’t have every-

thing we see and want. Teach them the difference betweenwants and needs. Children should learn that purchases needto be saved for and cannot be bought at any given moment.Just as adults should be budgeting to avoid overspending,children too can be taught to put money aside.Lead by ExampleAs a parent, one of the most important things that can

be done is to practice what is taught. Look at your ownspending habits and make it a point to be frugal and man-age money more effectively. When using a credit card ex-plain that although you didn’t pay now you will have topay later and that could include more money called inter-est and that credit cards are really a loan. The openness offinancial discussions in your home can prepare childrenfor a future of financial well-being.The Law Offices of Leslie H. Tayne are located at 150

Broadhollow Rd. #213, Melville, NY 11747; phone 631-470-8204 or visit www.attorney-newyork.com

Leslie Tayne: Tips on Debt ManagementAnd Explaining Finances to Children

Beaware of the alluringnature ofstore credit cards.

They offer initial discounts,but the interest rates on those cards

can be the highestallowed by the law.

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Banking and Finance June 2011

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