Mitlin Financial Inc.
As Mitlin Financial’s president and lead wealth manager, Larry Sprung drives planning and asset management services, as well as business development, for the firm.
Larry entered the financial industry in 1996, and continues to be inspired and energized by the challenge of helping his clients achieve and even surpass their financial goals.
Larry earned a Bachelor’s Degree in Mathematics from Binghamton University. He holds the Certified Financial Planner™ designation, reflecting expertise across a broad range of planning topics.
He started his career at a small boutique, and later served as a Financial Consultant at Salomon Smith Barney and a Vice President at Bank of America Investments. He founded Mitlin Financial in 2004, incorporating in the business the best features and practices from his previous firms.
Today, Larry is proud to be serving the second and third generations of his clients. He has seen first-hand how strong financial habits, instilled in parents, children and grandchildren, can impact a family’s wealth and wealth stewardship for generations.
Larry is known as a devoted educator. His efforts include not just regular client meetings but also workshops on diverse financial topics. He is also a frequent speaker at industry conferences.
An active volunteer, Larry serves on the National Board of the American Foundation for Suicide Prevention, and sits on its Financial and Investment committees. With his wife, Denise, he has raised more than $700,000 for the organization through the Keith Milano Memorial Fund. The fund was created at AFSP in memory of Larry and Denise’s brother-in-law and brother, respectively.
Larry has been recognized as one of Long Island Business News' "40 Under 40*," and was subsequently chosen, in 2009, as Valedictorian of the "40 Under 40*" Class of 2006. His commentary is regularly featured in publications such as Long Island Business News, U.S. News & World Reports, Newsday and RT Digital Magazine, serving the author community.
A Smithtown resident, Larry is an avid New York Rangers fan, and gets on the ice himself whenever he can. He and Denise travel frequently to watch their two sons play hockey in traveling leagues.
BS, Mathematics, Binghamton University
Assets Under Management:
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Lawrence Sprung, CFP® profiled on Advisor Insights via Investopedia
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This is a great question and one we see fairly often. The answer really depends on your financial plan and what tax bracket you believe you will be in during retirment.
In short, if you believe you are in a higher tax bracket now than you will be in retirement then the traditional 401(k) would be a better option for you. However, if you believe that you will be in the same or higher tax bracket in retirment your strategy will work well.
The reality is that you can only base this upon current tax rates and we do not know what they will be in the future. Due to this uncertainty, it may make sense to have monies in both the Traditional and Roth 401(k) options to hedge rates in the future.
I would suggest engaging a fiduciary advisor to work with you on developing a plan and testing various scenarios based upon your current fact and where you want to be in the future. Best of luck as you work through this process!
Congratulations, you seem to be on the right path!
I would suggest a few things that you may want to consider:
1) See if you can raise the contributions to your SIMPLE without impacting your current cash flow in a negative way.
2) Make sure you have a sufficient emergency fund outside of your retirement account.
3) Consider budgeting to gauge your cash flow.
4) Think about starting to put together a financial plan for the long term.
You are doing great for being 24 and keep up the good work. The things I mention will only enhance your financial position for the long term and should be reviewed regularly. Good luck with the remainder of your Masters program.
This is an excellent question and one many people are faced with on a regular basis.
Buyer beware...assuming this is not a no-load annuity you will want to know how long the surrender chanrge period is for starters. This is the time frame that you need to keep the investment without incurring significant charges. You should also know that if you are purchasing this product from a commission advisor their commission could be anywhere between 1-7% of your initial deposit.
Some other things to consider, when the time comes for you to begin withdrawing monies it will be paid to you in a LIFO format (growth first and principle after). The growth is all taxed as ordinary income so depending on when you begin withdrawals and your tax rate at that time, this could be substantially higher than paying capital gains rates. In addition, the annuity will operate with similiar rules to a retirment account that you will be penalized for removing the monies prior to age 59 1/2.
I would suggest that a variable annuity be your last resort, after exploring other options first, such as running an analysis of what the difference would be investing in the annuity vs. a taxable account. Should you still have the need/desire to invest additional monies tax deferred then I would suggest looking for a no-load variable annuity structure. This will give you the least expensive options for a variable annuity. These investment products are very complicated and you will want to make sure you understand what you are investing in prior to doing so. I would recommend reviewing these options with a fiduciary advisor and not a commissioned advisor prior to moving forward.
Best of luck with your investments!
This is an excellent question and congratulations on thinking about investing.
I think you should think about investing the funds in something that will give you instant diversification. In order to take advantage of diversification and low expenses, I ewould take a look at an Exchange Traded Fund (ETF). There are several out there that will accomplish this for you. Being that you are 30 and not adverse to risk, I would look for a more aggressive allocation. This will be a great place for you to get started.
In adition to exploring and investing this $3000, I would think about going down a planning path to see how you may be in a position to ramp up your savings and investments over time based upon your own fact and circumstance. This will allow you to begin to plan for your retirement and a work optional lifestyle.
Best of luck working through this process!
My assumption is that you currently have the stock certificates for these specific companies.
You can use this resource that will help you determine if any of the companies have had a split: https://www.stocksplithistory.com/
You can then determine the number of shares you have to look up a current quote to determine the value of the security.
Another option would be to simply open a brokerage account and deposit the certificates, assuming you have the certificates. Once the certificates are deposited they will be reconciled based upon splits following the issuance of the certificate. Once this is completed you will be able to see the value in the account.
Best of luck!