Tag Archives: Money Smart Week

WEBINAR – Vehicles of Financial Planning

There are so many aspects of financial planning that it can be difficult to keep track of them all or determine which options are best for you. In celebration of Money Smart Week, please join us as Thomas Dogas from the Association of Financial Educators discusses all aspects of financial planning, including:

  • Retirement accounts
  • Social Security
  • Estate Planning
  • Homebuying

Thomas Dogas is a Financial Advisor and Certified Business Exit Planner for C&A Financial Group.  He is also a member of the Association of Financial Educators where he provides educational services for people on a wide range of financial topics, offering a unique coaching experience that creates a safe place for people to unravel and discover their emotions and uncertainty around their money and financial future.

Click Here to Register!

WEBINAR – Roth After-tax vs Traditional Pre-tax Contributions

There are so many ways that we can start saving for retirement that it can be hard to make a decision.  In some instances, we have the choice of when that money is contributed to a retirement or savings account – pre-tax or after-tax.  When choosing after-tax (Roth) vs pretax contributions, we simply want to know – which is best? The answer to that question depends on your personal situation and preference.   Please join us as Jerard Gray from Empower highlights the tax benefits of each and provides insights to help you determine which option is best for you.

Jerard Gray has over a decade of experience within the financial services industry. He enjoys helping people to create a plan and achieve their financial goals.  Jerard has been working with NJ employees and retirees since 2019. Prior to joining Empower, Jerard served as a financial consultant aiding high value account owners with retirement and non-retirement account planning and investment needs. He holds a bachelor’s degree in finance from Morgan State University. He has earned the Chartered Retirement Planning Counselor® designation and is a Series 7 and 63 registered representative.

Click Here to Register!

Sustainable Income Strategies in Retirement Program Recap

Thank you to Larry Metzler from the Society for Financial Awareness for closing out our Money Smart Week programming by discussing types of income that can help you in retirement.  Having the right types of income in our retirement can help us ensure that we enjoy a comfortable retirement, even if we live longer than expected.  These income sources should be able to sustain us at various points in our retirement, respond to changes in the market or world events, and cover increasing costs of medical care as we age.  So what are these strategies and how do we apply them…let’s find out!

Successful Retirement = Preparation

The keys to a successful retirement are planning and preparation.  By having a sound financial plan in place, you can help ensure your retirement goals are met, that your money will last for the duration of your retirement, and you are able to sustain yourself during periods of economic unrest.  While making your preparations for retirement (the earlier, the better), be sure to address the following concerns:

  • Longevity – The average life expectancy in the United States is over 85; can your retirement money last that long?  Do you need to delay retirement or supplement your early retirement income by working?
  • Higher Prices – Generally, you should plan for expenses to increase by about 3% each year and the cost of living is often tied to the cost of fuel.  Can your retirement money outpace inflation?
  • Rising Medical and Long-Term Care Costs – It costs roughly $4,300 per month for assisted living care and over $7,000 a month for private/semi-private rooms at a nursing home.  If you are living at home, it can cost about $25 per hour for a home health aid.  Can your retirement income meet your medical demands?
  • Possible Changes in Social Security – While it is unlikely that Social Security will disappear completely, it is possible that Full Retirement Age may be extended or payouts will be reduced, perhaps down to 70 cents of what the dollar is worth today.  Can your retirement plan absorb a decrease in Social Security payments without having to sacrifice quality of life?
  • Investment Risks – While the stock market can be volatile, it can generate good returns over the long run.  Bonds are tied to the interest rate so when interest rates are high, bonds payouts can be lower.  Does your retirement plan account for investment risks and do you have the right asset allocation to respond to fluctuating market forces and world events?

It is never too early to start planning for retirement, even if that means starting by creating an emergency savings fund.  A good habit to get into is to use any money that was once being used to pay off a debt to fund a savings or retirement account once that debt has been paid off.  If we don’t use that money properly, it might just get sucked into the black hole of our lifestyle; we’ve survived without it so why not make the most of it.

Strategies for Sustainable Income

Sustainable income through proper planning is key to a happy and comfortable retirement.  So what are some of the strategies we can use to make sure we have the right amount of cash flow throughout our retirement?

Identifying Sources of Income

There are different income sources that can be used at different periods of your retirement to fund your lifestyle.  In early retirement, you may wish to work full or part time to lessen your reliance on retirement accounts.  You can also rely on pension payment or Social Security to get you set up early in retirement.  These are steady and guaranteed sources of income that will not change as you age.

Later in retirement, you want to start looking at IRA withdrawals, real estate, and 401k withdrawals as more significant sources of income.  If you can act as a landlord with property that is debt free, it can be a very lucrative source of money.  In regards to retirement accounts, after a certain age, you may be required to take yearly distributions; taking out too much too quickly can drain those accounts and eventually they won’t be able to keep pace with inflation and other rising costs.

Choosing the Best Withdrawal Rate

We often think of retirement accounts and other sources of income without strings attached.  The money is there, so we should use it.  However, many retirement accounts are tied to rates of return on the investments, which is what grows the money in that account.  As mentioned in the previous paragraph, if you take money out at a faster rate than it can replenish itself, eventually you will be out of money.

It is currently recommended to take out funds equal to 3-4% of the total amount of your retirement account annually.  While dependent on the account type, this can help with making sure your money is still growing despite inflation and ensure that your money will last for the entirety of your retirement.  For example, a withdrawal rate of 3% may mean your account can last for 50 years; double it to 6%, and that account may only last 16 years.

Consider a Bucket Approach

Think of your retirement plan as a bucket; you want to try and fill it with as many different things as possible; also known as asset allocation.  You want to be able to meet your short-term, mid-term, and long-term financial goals when planning for your retirement:

  • Short-Term Income – income that can be used immediately and without tax implications.  For example, cash, CDs/Money Market, short-term bonds, immediate annuities.
  • Mid-Term Income – should be a mix of growth and income vehicles that can both replenish your short-term income as guard against market volatility.  These include bonds, deferred annuities, absolute return funds, and asset allocation/balanced funds.
  • Long-Term Income – should be used as a hedge against inflation and focus on the longevity of the investment and used later in retirement.  These include growth-based stocks/funds, real estate, and commodities.

Managing Risk

The best way to manage risk is to be diversified so that you are not significantly impacted when there is an economic downturn, an asset class loses value, or issues within a specific sector.  Your retirement plan should be consistently evaluated to make sure that you are meeting your financial goals and best prepared for expected and unexpected situations.

Addressing Specific Risks

Specific risks are often tied to world events or changes within a specific asset class or sector.  For example, the conflict in Ukraine had a world-wide impact on fuel costs, causing inflation to rise and dollar to lose some of its value.  Should there be a conflict with Taiwan, that may affect the world supply of semi-conductors, which would have an adverse effect on stocks and funds tied to the tech and automobile sectors that rely heavily on semi-conductors.  Being aware of world events and working with a financial profession to prepare for significant changes can help reduce the impact of changes to your portfolio.

A Roth IRA as a Tax Strategy

A Roth IRA is a type of retirement account that allows your money to grow tax-free and offers tax-free withdrawals in retirement.  A nice way to utilize this to your advantage before retirement is to make contributions to the account based on your tax bracket.  If you would enter into a higher tax bracket, you can take that money and move it into a Roth IRA to shield it from being taxed.  Consult with your financial professional or a tax preparatory service before making any decisions to ensure you are following the law.

More Information

If you have any questions, please feel free to contact Larry Metzler at lmetzler@metzlerlaw.net or schedule a free, no-obligation appointment at https://calendly.com/lmetzler-1/60min.  You can view a recording of the webinar on our YouTube channel at https://youtu.be/6nNunPeSup0.  You can download a copy of the The Lifetime Sequence of Returns: A Retirement Planning Conundrum white paper at https://www.njstatelib.org/wp-content/uploads/2021/12/Sequence-of-Returns-Risk-White-Paper.pdf.

Healthcare and Your Retirement Program Recap

Thank you to Gerard Raho, Financial Advisor from Edward Jones, for sharing some important considerations when we are planning for our healthcare options in retirement.  Healthcare costs are constantly going up so it is important to figure out how they fit into our overall retirement plan.  While government-funded programs can help, it may be necessary to look at other options to cover more of our medical needs.  Let’s dive in!

Why is Healthcare Important?

When we think about retirement, we often think about living our best life; traveling, spending more time with family, or surrounding ourselves with our favorite hobby.  And while all of that is true, we sometimes forget about how healthcare fits into our overall retirement plan.  In general, we are living longer, which means that our retirement income must be able to sustain us for longer; this includes healthcare.  What if there is a major medical emergency or we develop a condition that requires extensive care; how is your retirement plan able to pay for these ever-increasing costs?  Are you able to afford additional coverage outside of Medicare; remember, Medicare will not cover all of your medical needs in retirement.  Without proper planning, medical costs can easily drain your retirement income.

Medical Costs

It is estimated that you should plan to spend $4,500 – $6,500 per person, per year in retirement for medical costs, including traditional medical premiums, supplemental insurance, and other out-of-pocket traditional medical expenses.  Some costs to think about when planning how much money to budget for healthcare include traditional medical expenses, such as prescriptions, doctor visits, and lab work, as well as long-term medical expenses, such as at-home care or nursing home/assisted living care.  If you have a family history of conditions, such as cancer or dementia, you may want to consider additional healthcare options that might cover treatments and care associated with those conditions.

Healthcare Options

So what are my options in retirement?  Let’s take a look at 2 of the most common:

Medicare

Medicare is a federally funded medical insurance program that is funded by income taxes.  Medicare eligibility begins at age 65 or if an individual has been receiving Social Security Disability payments for 24 consecutive months.  It is recommended that you sign up for Medicare 3 months before your 65th birthday; if you are still covered by another insurance plan, you should still sign up and then waive coverage until you need it.  Medicare is composed of 4 parts; Parts A, B, C, and D.  Each part covers a different portion of medical expenses:

  • Part A – hospital insurance and covers things like hospital stays (bed, board, general nursing care), skilled nursing care at an approved facility (rehab), home health care services, hospice care, and blood transfusions.
  • Part B –  covers doctor’s services, outpatient medical services, diagnostic testing, preventative health care services, and other services.
  • Part C –  often called Medicare Advantage and oftentimes includes a prescription drug plan (Part D).  Medicare Advantage plans are offered by insurance companies contracted by Medicare and may offer more benefits that traditional Medicare Parts A and B.
  • Part D – prescription drug coverage of Medicare and although it is optional, once you become eligible for Medicare, you must have creditable drug coverage.  Creditable drug coverage includes any Medicare Advantage plan or employer, union, or retiree coverage.

Some of these Parts will require a monthly premium or there may be penalties for failing to enroll when you are first eligible.  One thing that Medicare will not cover and most Medicare Advantage plans will not cover is long-term care, either at home or in a facility.  For a deeper understanding of Medicare, please visit https://www.njstatelib.org/introduction-to-medicare-program-recap/.

Long-Term Care

Long-Term Care policies are designed to help cover your expenses associated with long-term care, either at home or in a facility.  LTC policies are flexible in what you can spend the money for and they can even be used to pay family members considered to be your primary caregiver.  Some LTC policies also offer a death benefit that can be paid out to a spouse or relative.  There are several types of Long-Term Care policies:

  • Traditional – Traditional policies require that you pay a monthly premium for a specified amount of time.  During that time, you receive a maximum monthly amount that you can use to cover your long-term care needs.
  • Hybrid – Hybrid policies combine the traditional LTC policy with a life insurance policy.  You pay a monthly premium for a certain term, 10 years for example, and are able to collect a certain amount of money each month for LTC.  In addition, the policy comes with a death benefit, which is tied to the amount of money paid into the policy as well as the length of the policy at the time of death.
  • Life Insurance Rider – Some life insurance policies allow you to add on a LTC “rider” which means that you can use some of the policy’s death benefit to cover LTC costs while you are alive.

More Information

Your healthcare needs are unique to you, just as is your retirement goals and plan.  It is strongly recommended to speaker with a financial advisor to discuss your retirement goals to determine the best plan for ensuring you can live comfortably in retirement, including addressing all your current and anticipated healthcare needs.  You can reach out to Gerard Raho at https://www.edwardjones.com/us-en/financial-advisor/gerard-raho for questions or to set up a no-obligation, no-fee consultation.

Home Buying 101 Program Recap

A big thanks to James Goodman, Home Finance Consultant for The Credit Union of New Jersey, for his comprehensive overview of the homebuying process.  Buying a home can be a stressful experience, especially for first-timers, so it is important to be well-informed and choose the right agents along the way.  While buying a home can be a major milestone in your life and serve as an investment for the future, it is important to ensure that you can financially afford it.

Key Players

There are many people that are involved in the home-buying process:

  •  Buyer and seller (can be an individual person or an organizations such as a bank)
  • Realtor – often referred to as a buyer’s or seller’s agent responsible for finding homes and drafting your offer.  They often earn a commission on the sale of a house.
  • Lender – Organization that is providing you with any money needed to purchase the house.  This will include a loan officer in charge of your account and processor who takes all your information and determines if you qualify for a loan and how much.
  • Attorneys – It is required in New Jersey to have a real estate attorney who will finalize the contract, ensure all documents are signed, ensure that all money is appropriately distributed, and ensure your receive your keys.
  • Home Inspector – Does a walk-through of the home to ensure that the home is up to code and can identify current and potential problems with the home.
  • Appraiser – Assesses the value of the home to determine the fair market value of the home.

Pre-Qualified vs. Pre-Approved

It is recommended to receive a pre-qualification letter from a lender before shopping for a house.  A pre-qualification letter will give you an idea of how much you can afford and determine if you will qualify for any of the lender’s loan programs.  Generally, this involves a verbal account of your income and debts as well as hard inquiry on your credit.  Many sellers like to see a pre-qualification letter since it indicates that you are a suitable candidate.

Pre-approval is a more in-depth process that actually approves your for a specific loan amount.  This requires the submission of a variety of documents including your past 2 years of tax returns, a month’s worth of pay stubs, statements from your bank accounts, a hard inquiry on your credit, and other documentation as required by the lender.  Your account then undergoes an underwriting process where all of your financial information is examined to determine what your debt to income ratio is to see if you actually qualify for a specific loan.  Often referred to as PITI, the pre-approval process will take into consideration the Principle, Interest, Taxes, and Insurance related to the house and corresponding loan and compare that your current income and monthly debt.  The calculation consists of your:

  • Monthly Income/12 months
  • Total monthly debt
  • Front end ratio – Mortgage (PITI) is no more than ___ % of your monthly income
  • Back end ratio – Mortgage (PITI) and your monthly debt is ___ % of your monthly income

While the ration can range between lenders, a good rule of thumb is 29% front end/45% back end.   If you are over these numbers, especially the back end ratio, it is likely that you will not be approved for the loan; however, if you are on the cusp, you may receive approval.

Types of Lenders and Loans

When shopping for loan, there are many types of lenders out there.  Conventional lenders are often private lenders, such as bank or credit unions, in which the loan is not sponsored or secured by a government entity; the exception to this are the federal agencies Fannie Mae and Freddie Mack.  There are also unconventional or governmental lenders such as FHA (Federal Housing Administration) and VA (Veterans Administration) that offer loans to those that may not qualify under a conventional lender, but may also require additional monthly payments called PMI (private mortgage insurance) to help the lender in the event you default on the loan.

Generally there are 3 types of loans – fixed, adjustable, and jumbo.  Fixed rate loans have a set interest rate for the life of the loan, which can be 10, 15, 20, 25, or 30 years.  Generally, the longer the length of the loan, the lower the monthly payments, but the more you will pay in interest.  Adjustable rate loans start off with a lower interest, but will be adjusted at certain intervals based on market conditions.  These can be 3/1, 5/1, 7/1, or 10/1, with the first number being the interval at which the interest rates are adjusted.  However, as you build equity in the home, you may qualify to refinance your loan at a lower interest rate or transfer to a different loan type.  Jumbo loans are loan amounts generally over $424,100 in most counties, and may required certain restrictions in order to qualify, such as a larger down payment or higher PMI.

Closing Costs

Many people are unaware that they will owe money at the closing, above and beyond any down payment, which can lead to a host of problems.  During the entire home-buying process, especially when you are under contract, there are many agents that are performing a variety of tasks that will need to be paid during the closing.  Here are some of the costs that may appear:

  • Lender fees – these can include application fee, processing fee, appraisal fee, and others
  • Inspections – some home inspectors require up-front payment at the time of inspection or some may be filed with your attorney.  These generally range from $500 – 700.
  • Pre-paid interest – You will have to pay for the interest on your loan for the remainder of the month in which you purchase the home.  Many people try to close at the end of the month to reduce this amount.
  • Title – Fee for the title agency to run a title check to ensure that the property is free and clear of any liens and judgements.
  • Escrow – Mortgage company will ask you to prepay your first property tax payment in case the seller has not paid property taxes for the current term.
  • Attorney fees – These generally range from $900 – 1,000.
  • Survey – In conjunction with the appraisal, a survey is done of the property to determine your property lines.  This survey may be needed for future improvements such as fences.
  • Recording fees – Fees charged by the county to register the deed in your name.

Generally, the total of these fees range from $4,500 – 6,000, but can be more.  Additionally, at the time of closing, you will be required to furnish the amount of your down payment.

The Mortgage Process

So what does the entire mortgage process look like?

  1. Application – You will fill out an application for a specific loan with a specific lender.  It is important to shop around before filing out any application since each application will cause a hard inquiry on your credit and can potentially lower it if too many are made in a short period of time.
  2. Processing and documentation – Your loan officer will request a variety of documentation from you to submit to the underwriter.  These will include tax returns, pay stubs, bank statements, and proof of identity.
  3. Home Appraisal – The value of the home will be assessed and if it is appraised lower than the seller’s asking price, you attorney may use this to negotiate with the seller.  If the seller refuses, you can use this discrepancy to back out of the contract without penalty.
  4. Underwriting and Approval – Once both parties agree to the contract and final price of the house, the underwriting process starts to approval you for the requested loan amount.  During this time, you may be required to explain large deposits in your bank statements, such as gifts or settlements.  Additionally, if you are receiving funds for a down payment as a gift from someone else, you will need to provide a gift letter to explain those funds.  Additionally, you should not make any major purchases using your credit or open any new lines of credit as your credit score will be checked again at the end of the process.  After the underwriting process, if you meet the ratio requirements from the lender, you will receive your approval letter.
  5. Closing – You will meet with your attorney to sign a variety of paperwork to finalize the sale.  Additionally, you will need to bring all money owing and due, including down payment and closing costs.  Once all papers are signed and money is parceled out, you will receive the keys to the house.

If you have any questions on the home buying process, please reach out to James Goodman at JGoodman@mortgagedept.com.  You can view a recording of the webinar at https://youtu.be/w0EPyVT9GpA.  You can download a copy of the presentation slides at https://www.njstatelib.org/wp-content/uploads/2023/04/Presentation-Slides.pdf.

WEBINAR – Healthcare and Your Retirement

When we think of retirement, we think of relaxing and living our ideal life; traveling the world, spending more time with family, finding new hobbies. When we plan for retirement, we often plan in terms of making sure that we can afford that life. However, we often overlook a very important component of retirement that is eating more and more of our retirement income…healthcare.  In our continued celebration of Money Smart Week, join us as Gerard Raho from Edward Jones discusses the potential impact of rising health care costs on retirement savings. He will touch on medical expenses and potential strategies like long term care policies to help reduce risk.

Gerard Raho is a finance professional with 20-plus years of experience in financial markets. As an Edward Jones financial advisor serving Morris County, NJ, and the NY Metro area, he help individuals with wealth strategies. He works with clients to identify and address their most pressing needs and then creates a custom-tailored strategy to help address those financial needs and goals. He earned an MBA from Duke University’s Fuqua School of Business and a bachelor’s degree in economics from Syracuse University.

Click here to register!

WEBINAR – Strategies for a Sustainable Income in Retirement

Planning for retirement can seem like a foreign language with the soup of acronyms, numbers, and investment options. We can no longer rely just on Social Security to be our only source of income in retirement; prices for goods and medical care are rising and life expectancy rates are rising. We need to find other ways to bolster our retirement income, especially if we have plans of traveling, relocating, or creating an inheritance. Larry Metzler from the Society for Financial Awareness (SOFA) will discuss different strategies we can use to create sustainable income in retirement. He will discuss:

  • Preparation for a Successful Retirement
  • The Average Cost of Long Term Care and Life Expectancy
  • Investment, Risks, and Interest Rates
  • The “Bucket” Approach

Laurent “Larry” Metzler, J.D., RFC, is the President of Apogee Financial Services Group, Inc., The Law Offices of Laurent W. Metzler, Innovative College Funding Solutions, LLC, and President of the Moorestown, New Jersey Society for Financial Awareness. Larry’s entire career has been focused exclusively on financial planning, college planning, estate planning, retirement planning, asset protection and wealth preservation planning, personal and business tax planning, and real estate matters.

Click here to register!

Financial First Aid Program Recap

Thank you to Amanda Zehrer from the Credit Union of New Jersey for presenting in celebration of Money Smart Week.  Recovering from a financial hardship can be very difficult and takes hard work and persistence.  Oftentimes, the shame of admitting we need help (getting out of debt, facing collection calls, dealing with a divorce) can hold us back from taking the steps needed to reestablish our financial security.  Budgeting, prioritizing our bills and debts, and creating a savings engine are all important tools to help heal our financial wounds and while it make take time, your financial well-being will be better off.  Let’s take a look at these in some more detail.

Review and Adjust Your Budget

Before you can make any changes to your financial situation, you first have to know where you stand…and that involves creating a budget.  Creating a budget can seem like a daunting task (hate numbers, don’t keep receipts), but it comes down to three components: income, expenses, and debts.  If you are enrolled in online banking, many banks and apps can make this very easy by separating your deposits and expenditures using graphs or other visuals.  However, it might be best to still write everything down.

First, start by listing all of your sources of income for the month.  Be sure to include your wages, odd jobs (babysitting, dog walking, etc.), or other sources of income such as annuities, settlement payments, child support, or alimony.  Next, go through your expenses for the month.  Be sure to pay attention to things like clothing, food, utilities, car insurance, medical bills, and general shopping; you can often separate these things into needs and wants and easily identify things you can stop spending money on, such as coffee, cigarettes, eating out, etc.  Lastly, you want to list all of your debts; these include mortgage/rent, credit cards, students loans, personal loans, and car loans.  Add up your expenses and debts and then subtract that number from your income.  If the result is positive, that’s good, but could it be better?  Perhaps you can cut out small things from your expenses to start paying off your debts faster or contribute more to your savings or retirement.  If the result is negative, you need to take a serious look at your financial situation and find ways to reduce expenses and pay off or reduce your monthly debt payments.


Prioritize Bills and Debt

One of the most common ways to help with financial difficulties is to reduce your expenses or debt.  First, start off by prioritizing your bills and debt to determine what are the most important.  Be sure to take care of your essential needs first like food, housing, and medical.  Next, determine what utilities are most important (water, electric, gas) and which you can go without (cable, internet, cell phone).  Look at your bills and see if there are any that have severe penalties for non-payment, such as child support or back taxes.  You may need to forgo payments on other bills or debts for a few months to make sure your necessary bills and debts are being paid on time.  This may include voluntarily returning vehicles with outstanding loans.  While this can be a stressful and emotionally overwhelming task, it is necessary to help figure out which creditors or groups you need to contact to see about reducing your payment.

One you have everything prioritized and have developed a plan of action, you can start trying to build back your credit.  Be sure to pay everything on time, especially if you have negotiated new terms with creditors or were enrolled in financial hardship repayment programs.  Try to keep new balances low so that you don’t run into more financial issues.  Use secured credit cards with a reputable institution to help learn to control your spending.


Creditor Communication Tips

Unfortunately, the only way to reduce your payments to creditors is to contact them directly, oftentimes by phone.  This can be a very stressful process, but it is the only way to try and get some relief.  Be specific and honest about the reason for your hardship, such as loss of employment, unexpected medical bills, or a divorce.  Discuss your plan for the future, such as upcoming employment, to demonstrate that you are taking your debt obligation seriously.  If you can only pay a small amount toward the debt, let them know what you can afford.  They may be willing to accept lower payments now and add the remaining balances of those payments to the end of the loan.  However, don’t make promises you can’t keep because you may only get one chance to negotiate better terms so don’t waste it!

Initial conversations with creditors can be very difficult and they may be unwilling to help.  It is important to remain calm and polite, even when dealing with a frustrating situation.  You can always ask for a supervisor to try and get a different resolution.  Be persistent in your communication with them, which may eventually lead to positive result.  Always take notes on each conversation you have, making sure to take down names, reference numbers, and the terms of any deals discussed over the phone.  These details can be very important if the creditor does not follow through on terms negotiated by the customer services representative.

You also have certain rights when it comes to dealing with creditors as stated in the Fair Debt Collection Practices Act (FDCPA).  Creditors cannot do any of the following:

  • Calling you multiple times a day or at inconvenient times
  • Contacting you at work if your employer disapproves of the communication
  • Letting a third party (family member, friend, employer) know they are trying to collect a debt
  • Using false threats, obscenities, racial slurs, or insults

More Information

If you have any questions about your financial situation or need financial help, please contact Amanda Zehrer at azehrer@cunj.org.  You can download a copy of the handout, which includes great tips and ways to track your finances at https://www.njstatelib.org/wp-content/uploads/2022/04/Financial-First-Aid-Handout.pdf.  You can view a recording of this webinar at https://youtu.be/oWSp1Ka8Eh8.