Table of Contents
Cover Story:
Only Time Will Tell
A look ahead at what 2007 will mean for Rockland
Feature Story:
How Will He Do That?
Hector May has big plans for the RBA
DEPARTMENTS:
Economics Roundup
• The Smart Investor
Try a financial diet in 2007
• Economic
Viewpoint
Coming to America or conundrum continued
Business Roundup
• Office Efficiency
Streamlining office operations through lean processes
• Marketing By Design
Branding your image - it's not just for the "big" guys
Ask The Experts
• Business Start-ups
Getting your basics together
• Is It Tax Season Yet?
Your tax questions answered
Retail Round-Up
• Feast or Famine
Taking the pulse of the local restaurant biz
• In The News
Invest in Your Community
• Heart of a Lyon
Former Jet delivers an inspirational message
• Family Shelter Honors
First-ever program recognizes community contributions
Odds & Ends
• From The Publishers
• PR Patter
Dedicated Section:
Rockland Business Association:
The President’s Desk
All in all, it was a very good year
Handing Over The Torch
Annual membership luncheon introduces new RBA board
RBA Happenings
• Committee and Council Info
• Calendar of Events
• New Members
The
Smart Investor:
Try a financial diet
in 2007
You’ll lose a lot of anxiety
By Ken Mahoney
January is always a good time to take stock of the things that are going on in our lives. It’s the time of the year when we plan to carry out our New Year’s resolutions, such as dieting, exercising, and devoting more time to our loved ones.
January is also a great time to take steps to improve your personal life—meaning it’s the optimal time to review your finances. Most people think that a financial review involves looking strictly at your portfolio and your investments. This isn’t true at all; it means taking all of your financial affairs into account, such as taxes, your budget, and estate planning.
Taxes
Do you have a pattern of receiving sizable refunds or owing large chunks of money come April? If either of these has happened, now would be an excellent time to correct that for 2007 by projecting your taxes for the next fiscal year and changing how much you are having withheld from each paycheck. A large refund indicates that you’re overpaying taxes during the year. That’s money you could be saving or investing. To reduce the size of the refund, increase the number of allowances you claim on your W-4 form at work. Decrease the number of allowances if you owe too much money.
Budget
The beginning of the year is also an excellent time to review your household budget. Are you keeping a balanced budget? Do you have a good handle on where you spend your money? Do some categories need adjustment? How much are you spending on food each month? Clothes? Appliances? Decorations? Are you spending the right amount or is it time to cut back in certain areas? Do you put aside 10 to 15 percent from each paycheck?
Estate Planning
You can also use this time to do some estate planning. What are your assets? What are their approximate values? Whom do you want to receive those assets–and when? Who will manage those assets when you are unable to do so? Who will take care of your children if you become incapacitated or die? Most people don’t think about these things, but if you take time to do so, your children will not be forced to pay hefty amounts of taxes, should something occur.
So, while you’re losing weight and exercising, why not get onto a financial health diet too? It will save you and your loved ones many headaches and worries for the months and years to come. RBD
Name Symbol Wachovia WB Wyeth Wye Dress Barn DBRN Verizon Vz Pharm Resources PRX AT&T T Usb Holding UBH Barr Labs BRL Provident Bank PBNY Footstar FTAR
FTAR Bank of NY BK Novartis NVS Gannet GCI Avon AVP Presidential Life Plfe Praxai PX Paxar PXR Lecroy LCRY ConEdison ED
This is for your information only and is not an offer to sell, or a solicitation of an offer to buy, securities or instruments mentioned. Information has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate, complete or timely. Any opinions or estimates contained constitute our judgement at date of publication and are subject to change without notice.This Stock Index is comprised of local stocks of interest based in Rockland County. The chart reflects the collective stock price performance based on a standardized benchmark of 1000 on January 1, 2003. Any market prices are only indicators of market values and are subject to change without notice. It is not possible for an investor to directly invest in the Rockland Stock Index.
