Business & Finance

Suburban Chamber of Commerce Holds Breakfast with Special Guest David Dietze

January 5, 2013 at 8:00 AM

SUMMIT, NJ - Finances are on everyone's mind lately, and on Friday, members of the Suburban Chamber of Commerce got the chance to hear some sound advice from a financial professional.

At the chamber's first monthly breakfast of the year, member David Dietze spoke about how to be fiscally responsible in the future. Dietze is the founder and president of Point View Wealth Management in Summit and is a SEC registered investment advisor. It was a well-attended event with about 50 to 60 people who gathered to hear what Dietze had to say about handling money.

Dietze said that outside of Spain, the global economy increased in every country. Also, bonds and stocks did well last year, and real estate is slowly turning around, which is helping finances, he said. This is the first time real estate has shown a growth trend in six years. Additionally, auto sales increased by a double digit percentage for three years in a row and Dietze said they will continue to climb along with the housing market.

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“I think we’re all in better shape than we were a year ago here in Summit, because Merck has decided to make Summit its headquarters,” Dietze said.

With the signing of the legislation to help the nation avoid the "fiscal cliff" a few days ago, Dietze said the U.S. dodged a major bullet, but taxes will still increase. Also, anyone who makes more than $450,000 will see their taxes go up.

Looking ahead to the future, there are many things people need to be aware of, he said. There will be massive global central bank intervention, fiscal stimulus/ low interest rates, better corporate ratings, an increase in global stocks, and spending cuts will be postponed.

Dietze also said stocks may be cheaper this year, but bonds will be pricey and people should prepare for a possible spending limit shutdown. He said it is imperative for people to pay down their debt, fund their tax sheltered accounts to the max as early as possible, allocate, locate, diversify, rebalance and index their assets. He cautioned people against timing the market, and urged them to consider a Roth IRA, and to use charitable gift funds and get their wills updated.

Patrick Smith of Smith Chiropractic in Berkeley Heights said he has heard Dietze speak before and always finds him insightful and extremely helpful. He enjoyed learning about the 2013 financial to do list and said it will benefit his business and family in the future.

“Hopefully it’s going be a great year,” Smith said.

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