Vicky Tomaro and Team

Vicky Tomaro and Team

Tomaro Financial Group
1704 Maxwell Drive, Suite 203
Wall, New Jersey 07719

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Media Contact: Karen Ravensbergen / (201) 796-7788 / @carylcomm

Holistic Financial Advice Helps Young Couples Meet Goals

WALL TWP., N.J., Sept. 28, 2015 – When a young couple with a baby on the way turned to Vicky Tomaro, president of Tomaro Financial Group, for advice on rolling over their small retirement account, they got more than they bargained for in an advisor. Tomaro takes a holistic approach to financial planning, delving into a client’s financial history to uncover ways they can meet their life goals.

“In our first meeting, I gathered information to get a total financial picture,” said Tomaro. “At the same time I was looking for any red light areas that might indicate a problem. I found that they were carrying a lot of credit card debt, roughly $60,000.”

The Monmouth County couple had rung up most of their debt renovating their first home, and after hurricane Sandy, their renovations became more extensive. They couldn’t refinance because renovations on the home weren’t complete. The situation was further complicated by the fact that the young woman was planning to take an extended unpaid maternity leave.

“Based on their debt, they would have been so under water in such a short time that they probably wouldn’t have been able to keep their house,” said Tomaro.

Tomaro carefully analyzed their financial profile, assessed their current debt, mortgage payment, house value, tax bracket, savings, retirement plan, life insurance and liability insurance. She determined what their best needs and options were and came up with a plan of action for getting out of debt. In just three meetings, Tomaro was ready to put in place a road map that would put them get on a path to a sound financial future.

“I realized that they could borrow up to $50,000 against their current retirement plan at a lower interest rate than their credit card. The loan was going to cost them $900 a month versus the $2,800 a month they were paying on their credit cards. They also had over $10,000 in cash value in their whole life insurance which we used to pay off their credit cards,” said Tomaro.

Tomaro also suggested that they buy a 30-year term life insurance policy for more coverage and less out-of-pocket cost. By doing that, they were able to save another $500 a month, according to Tomaro. Overall, the plan would allow the couple to save $2,400 a month, have more life insurance and no credit card debt. In five years, the loan would be paid off which meant their balance would continue to grow.

“It was a success story,” said Tomaro. “Two years later, the couple was back on their feet,” added Tomaro. “They finished their house renovations by using their earnings, are out of debt and have an additional savings plan for their future.”

As a veteran financial advisor, Tomaro believes in informing clients of their financial options so they can make better financial choices in every aspect of their life. She offers the following simple tips that young couples can use today to to build a stronger financial future together:

Create an emergency fund. By putting aside three to six months worth of living expenses, a couple can be prepared for unforeseen challenges such as the loss of a job. The amount should be enough to cover mortgage expenses or rent payments and bills. This fund is not meant for frivolous spending sprees.

Maximize your retirement plan. Whether it’s a 401(k) or 403(b) plan, couples should maximize their plans to build wealth for their retirement. If a company doesn’t offer these plans then open an IRA. These plans are tax deductible and grow tax deferred.

Deal with debt. Free yourself from frivolous debt by taking a careful look at credit card payments. “No one wants to pay for a dinner they had two years ago,” said Tomaro. “Annual percentage rates on credit cards are exorbitant which means that the balance owed is continually growing if people are only making minimum payments. Make a plan for paying off those credit cards.”

Get proper insurance. Manytimes couples are underinsured, warns Tomaro. They should assess and address their individual situations.” Proper insurance allows couples to be protected from future perils such as disability, health issues, theft, or fire. An agent can help a couple review the many types of insurance protection that they should consider purchasing.

Tomaro helps clients simplify their financial challenges. She explains that, “I advise them on how to invest their money for education, retirement or any goal they may have. Because each person is different, I feel it’s important to listen to their goals and what they want to achieve whether it’s a vacation to Disney or build a college fund. I help them create a personalized plan to achieve their goals.

Founded in 1980, Tomaro Financial Group is an independent financial services firm based in Wall Township, N.J. Services offered consist of customized wealth management, insurance services, estate planning, mortgage solutions, and specialized divorce mediation. The company provides a comprehensive, long-term approach to help clients reach their financial goals.

The group is located in the Tomaro Professional Center, a 10,000-square-foot Class-A office building which opened in 2009, bringing together the area’s leading lawyers, financial advisors, accountants, and therapists. The building is strategically located on Route 138, with visibility from the highway and just east of the Garden State Parkway near Routes 195 and 34. More information is available at


*Securities offered through TFS Securities Inc., Member FINRA/SIPC a full service Broker Dealer located at 437 Newman Springs Road, Lincroft, NJ 07738, 732-758-9300. Investment Advisory services offered through Innovative Market Trends, a service of TFS Securities, Inc.

About Tomaro Financial Group