Are financial questions keeping you up at night? Financial Advisors Holly Simeone, CES™ and Lauren Russo, CEPA, FPQP™, CVB, together with Paraplanner Angela Elzner, FPQP™, invite you to invest in your financial health by joining them during Open Office Hours at Berkshire Money Management’s Dalton and Great Barrington, MA, offices. Open Office Hours are free and open to the community, and no appointment is necessary. Simply drop in during the event to receive one-on-one, professional guidance on topics including budgeting, saving for retirement, leaving a legacy for children and grandchildren, and getting the most from Social Security. Open Office Hours…
Insights & Advice
BMM Articles
8 Ways to Protect Yourself from Fraud and Scams this Holiday Season | Cybersecurity
Bundling up on Black Friday to shop for great deals on TVs, iPods, and holiday gifts while still full of Turkey and stuffing is a thing of the past. While our bellies have remained stuffed, our Black Fridays have changed considerably over the years. The advent of online shopping has made it easier than ever to score great deals and complete your holiday gift list from the comfort of your own home. But with convenience comes new cybersecurity risks including fraud, scams, and identity theft. Keep your holidays filled with cheer by using the following tips to improve your cybersecurity…
Open Office Hours Bring Financial Advice to the Whole Community
Are financial questions keeping you up at night? Financial Advisors Holly Simeone, CES™ and Lauren Russo, CEPA, FPQP™, CVB, together with Paraplanner Angela Elzner, FPQP™, invite you to invest in your financial health by joining them during Open Office Hours at Berkshire Money Management’s Dalton and Great Barrington, MA, offices. Open Office Hours are free and open to the community, and no appointment is necessary. Simply drop in during the event to receive one-on-one, professional guidance on topics including budgeting, saving for retirement, leaving a legacy for children and grandchildren, and getting the most from Social Security. Open Office Hours…
Layoffs ahead? The Fed’s efforts to beat inflation, October 2022
For the Federal Reserve, slowing inflation may mean slashing job growth. Will we trade high inflation for high unemployment? Berkshire Money Management CEO and Founder Allen Harris explores how employment is impacted by interest rates, and why the Federal Reserve might want you to lose your job. TRANSCRIPT: The Federal Reserve is an independent government body. So they’re not supposed to listen to the White House or Congress or House of Representatives. They’re supposed to do whatever they need to, to fulfill their two goals, or mandates. One is stable growth (employment) and the other is to keep…
Recession or Not? Analysis by Allen Harris, October 2022
Is the U.S. economy currently in a recession? The National Bureau of Economic Research isn’t officially calling this a recession, but after two consecutive quarters of declining GDP, Berkshire Money Management Founder and CEO Allen Harris is convinced that what we’ve been experiencing in 2022 is, in fact, a recession. And as the Federal Reserve’s continued efforts to combat inflation begin to create “deep, deep pain,” the recession will only grow in 2023. TRANSCRIPT: Well there’s opinions, there’s facts, there’s data, and there’s anecdotes. So a fact, and I’m not going to get all wonky on this, promise,…
Cybersecurity: How to Protect Yourself from Phishing, Spoofing, and Smishing
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…
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…
Spotlighting Our BMM Team: John Bielski, Supervisor of Capital Trading
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…
6 Benefits of Having an Estate Plan | Protect Your Family and Legacy
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…
Stock Market vs. Fed Rate Hikes in Volatile Market | Investor Pains
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 | Top 5 Scenarios You’ll Encounter & How to Stay Ahead
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%?…
Unpopular opinions in the face of a bear market
Recently I had the honor of presenting at the 36th Private Wealth Management Summit. My audience was a few hundred-ish other investment advisors. The event was described as “an invitation-only, premium summit bringing leading private wealth management investors and innovative fund managers and consultants together.” Although I was given the role of advising other advisors, I certainly wouldn’t describe myself as “leading.” Perhaps “innovative,” if, in this case, innovative means “social pariah.” Let me tell you the story of how Allen Harris made about 600 eyeballs roll. It’s too late to make defensive moves in your portfolios My presentation was titled…
American Values Impact Financial Choices | Conscience or Money?
Charles Schwab’s sixth-annual Modern Wealth Survey revealed that people with money do have a heart. Almost three-quarters of the American respondents (73 percent) say that their values govern their life decisions. And almost as many (69 percent) say their top financial considerations support causes they care about. When deciding where to place investment dollars, Americans consider such things as the company’s reputation (91 percent). Corporate values (81 percent) are nearly as crucial as traditional factors. The company’s financial performance (96 percent) and the price (93 percent) still mattered the most, but barely. These values carry over to the workplace. More than 8…
Money In Motion | 5 Critical Moments for Financial Choices & What to Do
Families and individuals have the most to gain – or lose – when money is in motion. Whether you’re building wealth or spending it, one thing is for certain: this is a critical moment for good financial choices. Here are five common situations where you will find that your money is in motion, and what to look out for in each one: Leaving your job American workers leave their jobs, on average, once every 4.1 years, which means your money may be in motion due to a job change as many as 10 to 12 times in your lifetime! Whether…
S&P 500 Spiked 6.58% at June Rally | Impact on Index & Moving Averages
In last week’s Capital Ideas column, I reminded readers that I had been betting there would be a “rip-your-face-off” rally after May 22, 2022. One week does not a rally necessarily make, but the week after that column was published, the S&P 500 spiked 6.58 percent. That was the 53rd rally of 5 percent or more for the index since World War II (1945). Let’s be clear — I ain’t bragging. There’s way more luck in this line of work than I’d like to admit. The best I can do, at times, is to work hard enough to get lucky sometimes….