Financial Pathway Advisors, LLC
James Kinney is the founder and owner of Financial Pathway Advisors of Bridgewater New Jersey. Financial Pathways also has offices in Flanders and Cranbury New Jersey.
Jim is a Certified Financial Planner and a NAPFA registered fee only financial advisor. Fee only advisors are committed to maintaining a compensation model that eliminates the potential conflicts of interest which may result when parties other than the client are paying for advice. Fee only advisors are not permitted to accept commissions, referral payments, or any other form of compensation from investment firms, insurance companies, or other professionals.
Jim is a strong believer in the power of financial planning, when done with the clients’ best interests in mind, to improve lives, reduce stress, and achieve goals. Both Jim and Luba have analytical backgrounds (both have spent time working in IT, as well as business and finance), which are demonstrated in the care and attention they pay to even the smallest detail in their clients’ financial plans.
In addition to retirement planning and investing, Jim has specialized training in planning for college, while his partner, Luba, is a Certified Divorce Financial Planning Specialist.
Jim believes that investment risk management should be at the core of every financial plan. Again, his analytical approach is on display as the firm carefully creates, for each client, portfolios that are optimally diversified to balance investment risk vs. the need for positive returns. There are no cookie cutter investment solutions at Financial Pathways. Each client’s investment recommendations are unique and based on his or her carefully considered financial plan.
Jim lives in Hillsborough New Jersey with his wife Laura. They have four adult and college age children. Jim earned his bachelors degree in Business Administration from Drexel University in 1984, his MBA from Fairleigh Dickinson University in 1990. Prior to beginning his current career, Jim had been a successful entrepreneur, founding and growing a successful international manufacturing and data management company from 1990 to 2003. He started his financial planning career in 2004, founded Financial Pathways in 2007, and earned his CFP® certification in 2008. Luba Globerman joined his practice in 2009. Jim is a member of the Financial Planning Association (FPA) as well as the National Association of Personal Financial Advisors (NAPFA). He has been an active adult leader in the Boy Scouts of America for 18 years, and enjoys camping, hiking, fishing, running and the outdoors.
BS, Business Administration, Drexel University
MBA, Fairleigh Dickenson University
Financial Pathway Advisors is a Registered Investment Advisor in the State of New Jersey. Advisory services are offered only to residents of the State of New Jersey, except as permitted by applicable state and federal securities regulations.
Wow, you are a personal finance rock star! 1) if you don't yet own a home, strive to accumulate downpayment for that purpose in relatively safe place. 2) accumulate assets into taxable investment account, preferrably using low cost mutual funds such as those available at Vanguard, Fidelity, or T.Rowe Price. Based on your age and financial status alone I would say you can invest aggressively - but I would caution if you do, then just invest and leave it be, don't worry about the inevitable ups and downs in the market.
Owning is better than renting over the long run because if fixes your housing costs. Unlike rent, your mortgage payment does not go up every year, and each passing year sees more of the mortgage being paid back to you in the form of increasing equity. However, not everyone is prepared to buy a home. It appears you have the funds for downpayment, so that is no problem. What we don't know is your income and credit standing. Given your age and the fact that you also need to also be saving aggressively for retirement (15-20% of income), I would encourage you to keep home purchase to what you can afford using a 15 year mortgage, with payment no more than about 20% of your income. (that said, if you are already paying more than this in rent, it might be ok to go up to 25%). Finding a CFP or financial coach to help with the decision might be a good investment.
Depends on the country it is coming from. You do not need permission from the US to wire transfer funds from your home country to your personal account in the US. But some countries impose restrictions on currency movement. There may also be taxes due in the home country, etc. Currency conversion is not that big a deal - the conversion rate is what it is today, and will change tomorrow. If you are in the US for good, that isn't really an issue. You want to get the money into $ which you can use here in your new home. A large inbound transfer could catch the attention of the IRS so make sure you have documentation regarding the source of the funds as inheritance, and check with a CPA as to any particular reporting requirements.
I would add my voice to the chorus saying "no". There is no way to avoid the tax or penalty on withdrawals when used to repay debt. A loan is a possibility, but carries with it significant risk and complications if you leave the employer sponsoring the 401k. The best approach is to hunker down and pay as much as you possibly can each month to the debt. To free up more income, decrease 401k contributions to no more than the amount of the employer match. Keep lifestyle as skimpy as possible - old car, cheap eats, staycations - you know, living like a college student. Put all that money toward the debt until it is gone. Then start enjoying the freedom that comes from being debt free!
I can't see the sense in buying a home at her age. Either she is going to use all of the savings to buy (and then live on what???) or she is going to take a mortgage (a 90 year old, really?). Much more important to be flexibile here. You want savings liquid and available in case it is needed for medical help or personal assistance. Invest in a modest portfolio of fixed income investments, laddered CD's, etc. Annuities are generally not appropriate at this age, due to surrender charges and/or short expected payout period and potential sacrifice of principle if taken in form of a lifetime payout.
If you are thinking of transferring money out of her name in order to potentially qualify for Medicaid benefits, be very careful how you do this and speak with an experienced elder care attorney before making any such moves. Also remember that in many areas, the nursing home facilities that will take Medicaid are the worst available options. Don't do this because a coworker or neighbor told you it was a good idea! Talk to resources in your local county dept. or elder services, talk to an elder attorney, talk to senior care consultant or advocate before making any move to transfer assets for Medicaid purposes. (and know that there is a 5 year lookback period - so if she applies for Medicaid within 5 years, Medicaid will try to claw back some or all of that gifted away money.