With all the investment opportunities available, most people find choosing where to put their money overwhelming. There are so many variables to take into account, including age, lifestyle and goals. Fortunately, there are experts who can assist with making these decisions.
“Before we pick any type of investment or any type of a plan going forward, we sit down with our clients to understand their needs and concerns, their short and long-term goals, and their risk tolerance,” says Steve Goldberg, a financial advisor with Family Investors Company in Fanwood.
When people try to make financial decisions on their own, they often bring emotions into it, which is a mistake, he says. “They might do something without really having a good objective viewpoint. We try to be as objective as humanly possible about people's money in order to ensure that our clients don't make rash decisions that might make them happy in the short term, but in the long term ends up being a financial mistake.”
Some people may feel that they are too young or too old to start investing. For example, recent college graduates might believe they don’t need to worry about financial planning just yet.
“What I do is show them the cost of waiting,” says Steve. “When you start investing early and you do it on a regular basis, it's amazing how quickly that money can grow. Whether you're putting it into an IRA, a Roth IRA or in a regular investment account, just taking the advantage of time and compounding your money can potentially lead to tremendous numbers.”
Other people may think they waited too long and are now too old to do anything about it. “It's never too late to do something, but it’s important to have somebody experienced guide you in that right direction and to also maximize what you have. You want to make sure your money is in the place that suits your needs.”
Even if someone doesn’t have a lot of money, there are still avenues to invest. “One thing that sets us apart from some of the other companies out there is if somebody wants to come in and start something with a relatively small amount of money, we're not going to turn them away,” he says. “We'll do the same due diligence and have that same initial consultation with them to try to determine what’s best for their individual circumstances.”
The experts at Family Investors Company, which offers a full range of services and products, including retirement planning, mutual funds, stocks, bonds, and life and long-term care insurance planning, base all their recommendations on individual needs. “That's really the most important thing we do. Picking out specific financial products is much less important than picking out the type of portfolio that is suitable for each client.”
Steve joined Family Investors Company 23 years ago and the company itself was established over 63 years ago. While the founder, Fred Chemidlin, passed away, his sons Peter and Matt, and step-daughter, Darraugh Valli, have continued to run the business with the same integrity shown by their father.
“The reputation that the team at Family Investors had in the community is what really attracted me to working with them,” says Steve. “I see the mutual respect that clients have for us and we have for them. Pure and simple, it’s all about doing the right thing.”
Steve has lived in Scotch Plains for 38 years and along with his wife, Patricia, has raised two children here. While Andrew and Melissa are now grown and out of the house, the couple doesn’t have a totally empty nest. They also live with their rescue pug mix, Bugsy. “He's 10 and has been with us almost six years,” he says. “He spends most evenings sitting on my lap.”
However, Steve doesn’t spend much time sitting around. When his kids were growing up, he spent a lot of time coaching their sports teams and getting involved in their other activities. He also joined the Scotch Plains Business and Professional Association where he enjoyed many leadership positions including president, vice president and scholarship chairperson. This led him to playing Santa Claus for Scotch Plains for over 20 years, which he enjoyed immensely. He still occasionally plays St. Nick at various events in and around town. In addition, he helped organize the concert series on the Green. Not surprisingly, in 2003, he was named Scotch Plains Volunteer of the Year.
“When my kids were getting older, I really wanted to branch out of just our community, and that's why I got involved in the Fanwood-Scotch Plains Rotary in 2008,” he says. “The Rotary is all about ‘Service Above Self,’ and that’s kind of how I've lived my life. I am a past president and current membership chairman of the club, and I also work on the district level as an assistant governor trying to help other clubs grow their membership.” The founder was also a long-time Rotarian.
Steve also loves the fact the people he works with, including the owners, are very involved in the community and actively give back. In honor of Fred, the company established annual scholarships at both Union Catholic and Scotch Plains-Fanwood High Schools. During the pandemic, Family Investors made donations to the Immaculate Heart of Mary Food Pantry and to the Rotary Club food drive, and continue to make donations throughout the year to local organizations.
Sharing his philanthropic passion with his colleagues and community is only outweighed by his love for his family, which now includes grandchildren. Also coming in close is his devotion to hockey. “For over 50 years, my family has had New York Rangers season tickets,” he says.
To find out more about how Steve and Family Investors Company can help you with your investments and financial goals, go to Familyinvestors.com.
It's never too late to do something, but it’s important to have somebody experienced guide you in that right direction.
