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 receive quite often from our clients when they start working with us when looking at thier perfromance reports. In the report, we will always show realized and unrealized or "paper" profits. Ultimately clients want to know what the difference is and we will typically explain it in this way.
Realized Profits, or gains, are what you keep after the sale of a security. the key here is that you have sold, locked in the profit and realized it for yourself. Essentially, if you purchased a security at $50 per share and subsequently sold it at $100 per share you would then have a realized profit of $50.
Conversely, unrealized gains ("paper" profits) are gains that you have on "paper" (that show on your statement). These gains are there now, but could go away if the security declines or go higher if the value of the security increases. Essentially in this example, if you purchased a security at $50 per share and still currently own it and it is valued at $100 per share then you would have an unrealized gain or "paper" profit of $50 per share. This unrealized gain would become realized once you pull the trigger and sell the security, otherwise it is at the mercy of the markets until you do.
I hope this clarifies your question and makes things easier for you to differentiate going forward.
This is an excellent question and even better that you are asking it at 18 years of age.
You are definately thinking the right way and you should always pay yourself first! If you need to reinforce how important this is for you to do, especially at such a young age, read The Richest Man in Babylon.
The facts you provide would lead me to believe that the Roth would be a great option for you. As your icome grows the 401(k) may be a more desirable option for you and there may come a time (hopefully) that you earn too much to contribute to a Roth. This also reinforces making contributions now, while you can, to build up an income tax free account for you in retirement. This option would allow you to keep some control over the way you can invest and not be limited to only what the 401(k) plan offers.
I would suggest that you find yourself a fiduciary advisor now, someone that you can grow with as you mature. This will allow you to begin to build your financial team. They should be in a position to guide you on this question and how to invest the funds now and going forward because you will provide them with all of the necessary facts.
The key here is to do something and get started, the earlier you do the better off you will be in the long term.
Best of luck and it looks to me like should be off to a great start!
Thank you for this question, as it is one I have not come across in the past but I understand why you ask it.
The quick answer is no. There are no provisions that would allow you to rollover assets from a retirement plan, like a 401(k), to a 529 plan. Yes they are both tax deferred, but they are both mandated under different portions of the tax code.
529 plan grow tax deferred and then you can remove the assets tax free is they are used for higher education (at an accredited school).
Retirement plans however are tax deferred and geared towards retirement. These funds, if removed before age 59 1/2, will incur tax plus a 10% penatly. Stating at age 70 1/2 you will have required minimum distributions.
You have brought up an interesting question, but one that cannot be done at the present time. This is another reason why it is so hard for people to balance saving for their childrens education and retirement at the same time.
Best of luck in your quest to save for retirement and education!
This is a good question and more complicated than simply using the account size to make this determination.
More information would be needed to make this determination- how old are you? what investment options are available in each of the plans? Is one of the plans not perfromaing as well as the others?
You may even be able to consolidate all of these accounts into one and then take the withdrawal or simply make the withdrawal and consolidate the remaining accounts.
There are too many unknowns here to make a determination. I would highly recommend you ask the question again with more detals on your age, the types of accounts etc.. Even better would be to schedule an appointment with a fiduciary advisor like us to review the situation for you and help you make the determination as to the best way to accomplish your goal.
This is an excellent question and even better that you are asking it at 22 years of age.
You should always pay yourself first! If you need to reinforce how important this is for you to do, especially at such a young age, read The Richest Man in Babylon. Initially, I would at least take advantage of your employers "free money". Meaning, be sure to defer at least 4% of your earnings to take advantage of the 4% match they are providing.
While doing this, I would also budget how much you will use to pay down debt and build an emergency fund. I think this is a key concept that many 22 years old forget, building an emergency fund.
Money you put away today will benefit from your long time horizon and the concept of compounding. It is far more important to put funds away today than in the future, so you can receive these benefits. The later you start saving the more money you will have to put away and lose these benefits.
Once the debt is paid down and you have built up a large enough emergency fund, I would look to fund your 401(k) until it hurts (until you cannot put any more aside). This will put you in an excellent position down the road.
Best of luck and it looks to me like should be off to a grat start!