Spam emails, texts, and calls – we all get them. The offerings are usually too good to be true: a free cruise, an inheritance from a long-lost aunt, a free iPhone. Who wouldn’t want to be the lucky winner? And that’s exactly what hackers bank on. Scams are effective because they prey upon people’s desires: the desire to win the desire to have more and even the desire to be needed. That’s why hackers will often impersonate people we know, emailing us with an urgent need for us to call them, send them money, or help them with an immediate…
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Nate Tomkiewicz: Started as an Intern, Now We’re Here
This special series of blog posts spotlights the individual team members who make Berkshire Money Management great – and a great place to work, too. Today we’re celebrating Financial Advisor Nate Tomkiewicz, CRPC® as he marks six years with the firm. Happy anniversary, Nate! When Nate Tomkiewicz was in 8th or 9th grade, his dad gave him a news clipping from the Berkshire Eagle announcing the hiring of a young financial advisor at Berkshire Money Management. The advisor had attended Berkshire Community College (BCC) and Massachusetts College of Liberal Arts (MCLA), and was an intern for the firm before…
Student Debt Relief Plan: What you need to know
President Biden and the U.S. Department of Education announced a plan on Wednesday, August 24, to provide further assistance to federal student loan borrowers. If you have private loans only, unfortunately this won’t apply to you. But this is an exciting announcement for millions of borrowers with federal student loans. Long story short, if you have a Federal loan, take a moment to review your options (more on that below). It is also important to note that President Biden does not want to stop here. He hopes to make further changes that will make college more affordable for the…
Pet insurance: a valuable investment in the health of your furry friends (and your bank account, too)
Your elderly dog has arthritis. His breathing is difficult. He needs assistance to get up, and his bladder is failing. The vet bills are far higher than your own, and it is getting more difficult to pay them. “How much is too much?” Some say there is a limit, others would be willing to go into enormous debt to prolong the life of their pet. The veterinarian technological and medical innovations of today make preserving your pet’s life achievable. Vets offer plenty of ways to prolong life, even in cases of terminal illness. Advancements in veterinary care aren’t cheap Specialists…
John Bielski: supervisor of capital trading, cat whisperer, and life of the party
This is the first post in a new series spotlighting the individual team members who make BMM great – and a great place to work, too. Today we’re celebrating John Bielski, Supervisor of Capital Trading, on his fourth anniversary with the firm. Happy anniversary, Johnny! “It’s hard to believe that it’s been four years already.” Johnny joined the Berkshire Money Management team in 2018, but his BMM story begins a long, long time ago, in a wealth management firm not too far away. Back when Johnny was a student at the Massachusetts College of Liberal Arts (MCLA), he was hired…
Public-sector jobs can’t compete in a tight labor market
State and local government employees are essential in delivering everyday services to the American public, but the government’s labor force is understaffed and has yet to recover from its pandemic lows. The reasons range from lower pay and less advancement, to little flexibility in areas such as remote working. Private-sector jobs have already surpassed pre-pandemic levels, while in the public sector, government employers are still looking for more than 664,000 workers with little success. This may sound like one of those “so what” kinds of issues but consider this. Public employees operate the nation’s trains, subways, and buses in addition…
Why you need an estate plan
An estate plan is essential for protecting the people and things you care about when you pass away, regardless of your age or wealth. However, only 1 in 3 American adults have one. I recommend that everybody create an estate plan and make adjustments anytime their family circumstances change. Your family will be glad you did! How does an estate plan protect your family and legacy? Read on for six key benefits of having an estate plan. An estate plan can determine what will happen to your children, pets, and dependents when you’re gone. If you’re a parent, you need…
Streaming comes of age
There are roughly 817,000 unique and different programs available via streaming services in the U.S. The median streaming household pays for three to four such subscriptions, costing between $20 and $30 per month. Most consumers claim the choices are overwhelming and cumulatively expensive, so why don’t they plan to do anything about it? Those were the findings of a Nielson report titled “State of Play” published in April 2022 which analyzed the state of streaming entertainment in America. The number of programs (movies, series, specials, etc.) has increased by 26.5% since the beginning of 2020. The amount of content that…
Has the stock market priced in expected Fed rate hikes?
On June 15, 2022, the Federal Reserve’s Open Market Committee (FOMC) raised the federal funds rate to 1.65 percent. They vowed to “undertake open market operations as necessary to maintain the federal funds rate in a target range of 1.5-to-1.75 percent.” Let’s call it 1.75 percent for today’s discussion, which is in line with the usual commentary. According to Bloomberg data, the bond market is pricing in that short-term interest rates will hit 3.6 percent. How might short-term interest rates reach 3.6%? Let’s plot how the Fed could drive short-term interest rates to 3.6 percent. As of June 15, 2022,…
Money in Motion Part 2: Family Matters
In marriage and divorce, through life and death, your money is in motion. Making the right financial decisions can feel downright impossible when relationships and emotions come into play, but protecting your family and future is especially critical during these times. Here are five moments when your family may set your money in motion and what to look out for when they do: Getting married You probably already know that nearly 50% of all marriages in the U.S. end in divorce or separation, but did you know that arguing about finances every week increases the likelihood of divorce by 30%?…