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The Financial Planner is In.
Get expert advice from Suzanne Lengyel, a financial advisor at
Morgan Stanley Smith Barney.
Suzanne E. Lengyel joined Morgan Stanley Smith Barney in May 2010. She and her husband and partner, David Steadly, are dedicated to delivering the firm’s full array of wealth management services to their clients including investment advisory and asset management, retirement and estate planning, insurance, lending, and personal and business banking services.
With over fifteen years of financial services experience and an additional seven years of background in the community development field (NYC affordable housing and economic development programs), Suzanne has worked extensively with high net worth individuals, not-for-profit organizations, tenant associations and real estate developers and investors.
Suzanne is licensed as a General Securities Representative (Series 7) and she holds a Uniform Combined State Law (Series 66) and a New York Life Insurance Agent license. She received a B.A. from Lehigh University, Bethlehem, PA and spent her junior year studying architecture in NYC and Paris. Suzanne is an accomplished competitive tennis player, an amateur jewelry designer, and a volunteer for the Hyde-Bronx Leadership Charter School. In her free time she enjoys hiking, shelling, and ocean swims. Suzanne and David live in Washington Heights in Northern Manhattan.
You can reach Suzanne at:
Morgan Stanley Smith Barney, 399 Park Avenue,12th fl., NY, NY 10022
Phone (212) 893-6383
Recent Articles
Need More Money? Five Moves to Consider
Regardless of whatever else may await you in life, saving for the future could be one of your biggest financial challenges. That’s why it’s important to take steps now to make sure you’ll have enough money on hand for retirement, family goals or unanticipated financial emergencies.
A common question financial planners hear from clients is, “How can I save more than I’m saving now?”
Fortunately, there are several ways you can accomplish that goal with a bit of professional help. Consider the following:
Monitor expenses. Lowering your expenses by a modest amount such as 1% could allow you to boost your savings initiatives as much as a comparable increase in pay.
To gain insights into your current spending habits, consider downloading a budgeting app for your smart phone. They’re much easier to use than they used to be and make expense tracking very simple. For example, many apps allow you to record your income and spending on the go, incorporating information from various accounts, in order to have an up-to-the-minute overview of your financial standing each day. You can then look for inefficiencies--and ways to economize.
Reduce credit card expenses. On average, each US household with credit card debt owes a balance of more than $15,000. You can eliminate such debt faster--and start saving more--by paying more than the minimum monthly amount on your credit cards each month.
For example, assume you have a $1,000 credit card debt with a 12% interest rate. By paying $20 each month, it would take 67 months to eliminate the debt and would cost you $353.43 in interest. But by doubling your monthly payment to $40, you would be out of debt in just 27 months. Your interest costs would be less than half--$103.28. Then, when you finish paying off your balance, redirect the money you’d been spending on debt each month to a savings or investment account.
Another way to tackle debt expenses aggressively is by consolidating credit card balances to a single, lower-rate card. Comparison shop for the best rates, but beware of “teaser” rates that start low then jump higher after an initial introductory period ends.
Boost contributions. If you participate in a workplace retirement plan, consider increasing your contribution by an additional 1% or 2% of income. Even if you think that may be too much, try it out for a few months. The extra effort could make a big difference down the road: Contributing even $20 extra each week could provide you with an additional $87,493 after 30 years (before taxes), assuming 6% annual investment returns.
Use windfalls wisely. While it may be tempting to spend a windfall--such as an inheritance or workplace bonus--on something fun, it’s probably a better idea to use the money to enhance your long-term financial standing. For example, assuming you invest a $2,000 windfall in an account earning a 6% annual rate of return, it could grow to $2,698 after 5 years, $6,620 after 20 years or $12,045 after 30 years (before taxes).
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Article by McGraw Hill and provided courtesy of Morgan Stanley Financial Advisor.
The author(s) are not employees of Morgan Stanley Smith Barney LLC ("MSSB"). The opinions expressed by the authors are solely their own and do not necessarily reflect those of MSSB. The information and data in the article or publication has been obtained from sources outside of MSSB and MSSB makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of MSSB. Neither the information provided nor any opinion expressed constitutes a solicitation by MSSB with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.
Morgan Stanley Financial Advisor(s) engaged The Three Tomatoes to feature this article.
Suzanne Lengyel may only transact business in states where she is registered or excluded or exempted from registration, see www.fa.smithbarney.com/steadly_lengyel/. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Suzanne lengyel is not registered or excluded or exempt from registration.
