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Published on: 10/17/2004
Last Visited: 10/17/2004
Nan Cohen
I f financial advisor Nan Cohen had boxes of 100 Grand, Payday and Millionaire candy bars in her office, it would not be surprising.
Cohen first found success when she bought three Mr. Bulky candy-store franchises in 1986.
"I discovered that Clevelanders eat more sweet snacks than people in other parts of the state," says the 45-year-old Beachwood resident.During their run, Mr. Bulky stores proved a sweet investment for Cohen.She reaped substantial profits, but, after eight years working the business, Cohen says retail sales lacked the type of stimulation she was looking for.She sold the franchise stores in 1994.
Cohen's entrepreneurial spirit and sharp business acumen caught the eye of the Cleveland Financial Group, an affiliate of Lincoln Financial Advisors in Woodmere, where she has worked ever since.
Although most of her clientele are small-business owners and people interested in retirement and estate planning, Cohen will be sharing her expertise and wit with members of the National Council of Jewish Women, Cleveland Section's evening branch on Oct. 19.
"Financial advice is really very basic," she says."Younger people have to be reminded that their parents had it right.The post-World War II generation valued the importance of saving their money and carefully weighing their purchases.Unlike those of us today, they didn't have 52 different credit-card offers coming in the mail each year, didn't live on revolving debt, and weren't tempted with free financing offers."
Counting your pennies can be as basic as avoiding the daily ,4.50 super latte (which Cohen says could be "your weekly retirement savings") to refusing the temptation to purchase a 46-inch, ,4,500 plasma TV screen.
"Because we rarely use cash for our purchases, we are not so cognizant of how fast we go through actual money," she notes."When you charge something and get the bill weeks later, you don't have the immediate sense of dollars in, dollars out."
Although most of the people she meets are extremely knowledgeable about their finances, Cohen stresses that knowledge and practice are two different things.She advises taking a complete financial inventory each year to keep yourself on track.Put incoming money from savings and real estate in one column, outgoing dollars in the other.
"Figure out your net worth and expenses forwards, backwards and sideways," she says."Then you will have it all in black-and-white and know what you can spend, save, invest and donate.You can determine in August if you really can afford that family trip to Florida over winter break."Otherwise, you "will be paying it off until the following Fourth of July."
Planning for the future is critical at any age - from 20 to 90 - says Cohen.And among these plans should be a will.
"Often couples, including those with young children, don't think about that aspect of their lives," she says."Along with providing financially for their survivors, the question of guardianship (of) children is very critical.This is too important to be left to the decision of others."
Cohen also recommends that working people consider disability insurance."Earning income is the largest asset for many people," she notes."So it is prudent to have protection in case earning power is diminished due to unforeseen factors, such as a devastating, unexpected illness."
Women today are much more aware of their family finances than even a generation ago.Financial planning has become gender-neutral, adds Cohen."With all the printed material on the Internet and excellent resource guides, such The Wealthy Barber by David Chilton and The Millionaire Next Door by Thomas Stanley and William Danko, personal money management can be understandable and attainable."
Cohen has found in her group discussions that many people are uncomfortable discussing financial planning."I equate these sessions with the sex-education classes we had in fifth grade," she says."Everyone is looking around to see if anyone knows more than they do.But knowledge is power and comfort, especially when it comes to money."
She cautions people about following sweeping general financial advice from talk-show financial gurus."That's like going to a clothing store that sells all size 12s, and you are an 8," says Cohen."You have to determine your goals, your time frame, and the risk you are willing to take to reach those goals.Then you design your own personal investments around that."
You are never too young to learn about planning for your financial future, reminds Cohen.She teaches an eight-week class on finance, which includes a session on charitable giving, for The Agnon School, Gross Schechter Day School (where her husband, Daniel Abrams is a teacher), and the Orange Schools.
Cohen will be speaking at the NCJW, Cleveland Section's Evening Branch meeting on Tuesday, October 19 at 7:15 at the Stone Oven at Eton Chagrin Blvd. For further information, contact the NCJW office at 216-378-2204.
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