Maxwell Cohen - Northwestern Mutual

01/31/2024

Let's talk about Net Worth, something that I think people get confused about.

So you’re in your late 20's or 30’s, work’s going well, and you have some goals you’re excited about. Buying a home, getting married, starting a family, starting/growing a business, and retirement are all amazing goals I've had clients tell me about recently.

Awesome—but how will you reach those goals? Let's start by figuring out your net worth. This is done by adding up all your assets (account balances, investments, home if you own, car, jewelry, etc.) and subtract it by your liabilities (your debts, credit cards, all kinds of loans, mortgage, etc.) to get your net worth. Now, don't forget that there are good debt and bad debt, even they're all a part of the liabilities in your calculation. Mortgages, student loans, and car loans are typically considered good debt, so don't think you need to avoid them just because they are a liability.

From there, I can make a financial plan to get you to your goals. For more, look here http://spr.ly/6187peRCJ

01/23/2024

Let's be open for a minute about budgeting and spending. The social pressure to spend is real, I think we've all felt it. Enter “loud budgeting.” This new trend may help you say no to financial peer pressure, and it's already been something that I am using myself. It's been taboo for too long to talk about our money, especially with our friends. This trend can help turn our internal drive to push back on spending and give it a voice. "Loud budgeting" doesn't mean that you can't do things with your friends, but it does mean you can say no to some of the spending pressures that come with doing those things.

For example, my friend and I want to go to a Pittsburgh Penguins game because we're both big fans. We buy the tickets, pay for parking, and enter the arena. I know I've now spent my limit this month on entertainment, so when my friend asks if we want to get some food, I say no. I tell him I just don't have the room in my budget for arena food and say I'll eat at home after the game. It's tempting to give in, but just by saying why I can't, it's easier to stick to my budget. I'm not sacrificing the reason I wanted to go to the game, but I am keeping myself accountable and can enjoy the game even more without having to worry about my spending.

Whether you’re trying “loud budgeting” or just want to get off on the right financial foot this year, I can help. Is this a trend you want to join me in trying?

See how loud budgeting works—and could work for you.

01/15/2024

If you're like most people, especially in your 20's or 30's, you might have some debt— student loans, credit cards, maybe a car payment or mortgage. Debt is a scary word for many, but did you know that some debt is considered good and some bad? To see how to manage debt and get some proven repayment strategies, check this out http://spr.ly/6186RCxRE

Let's connect and go over your financial picture! Let's work together to make 2024 your best year ever!

01/03/2024

Happy 2024 my friends! As you're setting your New Year's Resolutions, now’s the perfect time to review your financial plan and set yourself up for a successful year ahead. Here are a few quick suggestions on things to consider early in this new year.

1.) Review your spending plan: Do you have one? What changes are you thinking of making?

2.) Fine-Tune your budget: Do you stick to a budget, and how do you track your spending? If a barrier for you is getting a budget set up, DM me, I have a great template I can share!

3.) Plan ahead for life changes: This can be both good and bad changes! Don't forget to add gifts into your budget for weddings, birthdays, holidays, and baby showers. Lastly, review your insurance and emergency fund needs so an unexpected injury/sickness, loss of life, or job loss don't derail your progress!

I'm here for you every step of the way! Let's connect and make sure 2024 is your best year yet!

What are your Resolutions for 2024? Drop them in the comments!

12/05/2023

Most people have some knowledge on what saving money is, but do you categorize your savings? One of the first suggestions I have for anyone I talk with is the idea of having an emergency fund. An emergency fund is just that, making sure there's enough saved away to cover an emergency that arises (I recommend 6 months of your average expenses), but have you heard of a Sinking Fund? A Sinking Fund is a savings account dedicated to a planned/timeframe expense (like a new car, a wedding, vacations, etc.) unlike an Emergency Fund that's for general use. Establishing a savings plan that fits into your budget is key, let's connect and go over the goals you have for 2024, so I can help you achieve them!

Don’t be put off by the name: It’s actually a great way to save money for a future planned expense without putting a dent in your monthly budget.

11/28/2023

Hello everyone and welcome to my business page! To re-introduce myself, I'm Maxwell Cohen and I run a financial planning practice with Northwestern Mutual. Nothing makes me happier than being able to help others, and I hope this page becomes a hub and resource for you regarding all things financial that you find interesting. I welcome you to Like this page and follow along as I share experiences with potential clients and current clients, FAQs about financial planning, articles you may find interesting or helpful, and engagement about your own experiences! If you have questions of your own, whether about planning or not, I'd love nothing more than to be a resource for you!

A little background on myself: I'm a born and raised Pittsburgher, growing up in the South Hills and then attending the University of Pittsburgh to get my undergrad degree in business management. I am a huge Pittsburgh sports fan, big fan of pop culture, passionate about volunteering, and active member of the Jewish community. I also have a pair of cats named Fig and Newton whom have my heart.

Thanks for taking the time to read this and check out my page. I look forward to being a resource for you, your family, and your business!