LOUIS R. TERRERO, CPA, Registered Investment Advisor, has been in the financial services industry since 1978, starting his career as an auditor for one of the “Big 8” CPA firms. He has experience in many areas ranging from compliance and auditing to annuities and investments, and most recently has obtained the Certification in Long-Term Care credential. This extensive knowledge has led Louis to teach accounting, economics and taxation courses as an adjunct professor at various colleges and universities in the New York City metropolitan area since 1991. Louis’s diverse background and passion for educating others help him serve his clients in ways that he takes much pride in.
Clients are of the utmost importance to Louis and his team, all of whom are dedicated to developing lasting relationships. This is why they spend so much time getting to know and understand the clients’ needs before any recommendations are made. They strive to provide clear, easy to understand explanations of suggested financial strategies and services for a more secure financial future, so that their clients are comfortable and in agreement before implementation steps are taken.
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Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.
While the spread of COVID-19 is atypical, a market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.
When you spend most of your year toiling away at work, it’s natural to want to make the most of your vacation time. For many Americans, this means dreaming of the opportunity to own a vacation home where they can relax and recharge, while possibly earning rental income, too.
Before you pull the trigger on your own vacation home, however, you may want to think twice. While it certainly offers the opportunity for enjoyment and making meaningful memories, vacation homes also come with a few drawbacks.