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 an excellent question and one that cannot be answered simply on the information provided here. In order to determine if this would make sense for you I would suggest you make an appointment with a fiduciary advisor to discuss the pro's and con's of this strategy for you.
Some general items you should be aware of that may help you with the decision:
1) Contributions to your 401(k) will provide you with a tax deduction in the year you make the contribution. These assets will grow tax deferred until such time you will be required to start withdrawing funds and then they will be taxable at that time. The idea here is that you obtain the deduction when you are in a higher tax bracket and then pay taxes in the future when your bracket is lower. This may or may not be the case when all is said and done.
2) Contributions to a Roth IRA will not provide you with any tax deduction at the time of deposit. The assets will grow tax deferred and as long as you satisfy the requirements you will be able to withdraw the assets tax free in retirement. This would be ideal if you feel you will be in a similiar or higher tax bracket in retirement (when you withdraw the funds) than where you are now. Contributions to a Roth IRA may be phased out or you may not be able to make them at all if and when you reach a certain level of income. This can be found here: http://www.investopedia.com/university/retirementplans/rothira/rothira1.asp
3) You can contribute to both a 401(k) and a Roth IRA at the same time. The 401(k) maximum contribution for 2017 is $18,000 if you are under 50 and $24,000 if you are over the age of 50. Roth IRA contributions are subject to a maximum of $5500 if you are under the age of 50 and $6500 if you are over the age of 50.
4) The only penalties would be if you did not follow the rules and contributed too much or a situation where you did not fulfill the requirements in order to make a contribution.
5) These are great vehiicles, 401(k) and Roth IRA, in order to build significant wealth for the long term. You will also want liquid assets for emergeny's and future purchases and goals.
Depending on where you are today and where you think you will be in the future this may be a great strategy. I would suggest you review this for your own personal facts and circumstances to see if it is right for you. Good luck in making your decision!
This is a great question.
Typically when people say they are "moving to cash", this is a strategy when they feel the markets are headed to a decline. They would go ahead and sell investments and keep this money in cash until such time they feel it is ideal to re-enter the markets.
"Moving to cash" can mean different things to different people. Some investors will simply have the funds sit in cash in their trading or investment accounts. This could either be in the form of a money market holding, true cash in their account or an FDIC insured deposit account. Depending on the brokerage firm that you hold your assets with will dictate what options would exist for you within your account.
In addition to the above, some investors will remove the funds from their brokerage account all together and move the funds to a bank account instead.
Whether this is a a good idea or not would depend on your personal situation. Typically, most investors are not savy enough (and neither are most advisors) to determine when to exit and enter the markets. Should you have a long term time horizon, 10 years plus, moving to cash may not make sense for you. You may get out of the markets and avoid some of a decline (you will never avoid it all) but when do you re-eneter the markets. Many times investors will miss some of the rebound and reinvest their cash too late.
These are great questions and I would recommend you hire a fiduciary advisor to help you navigate this as best you can based upon your own facts and circumstances. Best of luck!
I would congratulate you on your discipline of saving and investing. This discipline early on will pay off in spades as you get older and you take advantage of compounding.
This question is a personal preference and not one that works for everyone. I would recommend that you base your decision off of two main criteria:
1) Are you looking for more than invesment advice and guidance? Meaning, do you have planning needs. Do you know if what you are currently doing is optimal based upon your current fact and circumstances and future goals.
2) Do you feel comfortable entrusting your financial future to a robo solution or would you prefer having a personal relationship with an advisor that you can have a personal relationship with? You will want to make sure that, whomever you move forward with, it is a good fit for you and that you are a good fit for the firm you are working with.
Good luck and congratulations again!
This is an excellent question and congratulations on setting monies aside for your son's education.
Generally speaking, contribution limits do not cross state lines. Contributions made to one state's 529 plan do not count toward the lifetime limit in another state. I would suggest, to simply make sure, to check the rules of the current plan you have contributed to and the additional state plan you would open an account with after you hit the limit. You will want to make sure that the new states plan does not take into account contributions or account values of other states plans when determining if the lifetime contribution limit has been reached.
Here is a great resource when it comes to saving for college and reviewing 529 plans: http://www.savingforcollege.com/
Best of luck with your savings and your son's venture into medicine!
First and foremost, I think it is excellent that your 15 year old is looking to start saving at such an early age.
Depending on the amount of money she is looking to invest, I would suggest you take an appraoch that will not only allow her to invest, but will act as a learning experience as well. I have done this with my own children who are now 11 and 14.
I had each of my boys select two companies that they used on a regular basis, loved their products and felt the companies had a bright future. They then went online and did a bit of research on each and came back to me with the one best idea. They then "made their case" for investing in the company and if it made sense we went forward, if it did not I asked them to research their other idea.
We then took the funds they had available, less than $1000 in each case, and purchased as many shares in their company as they could. We also elected to reinvest dividends. I have provided them with their own log on and they receive statements each month.
They now look for their company in the news to see how their investment is doing and we discuss it regularly.
This works great for small sums of money. Should you have a larger sum, you may want to do this with a portion of the funds and then find a well diversified ETF for the remainder of the assets. I believe each of these strategies will yield your daughter a better return in the long run and also provide her with a great educational opportunity at the same time. Good luck!