Christopher Crafa Memorial Award presented

To contact him: ameripriseadvisors.com/brian.crandall 401 Franklin Avenue, Suite 101 Garden City, NY 11530 (516) 345-2600

How to Make a Financial Comeback

Many Americans at one point or another will deal with an unexpected event that has financial implications. As a financial advisor, I’ve helped many families overcome these setbacks and go onto achieve their biggest financial goals. Most often, setbacks occur because of circumstances beyond one’s control, such as a job layoff, a car accident, natural disasters, a house fire or the onset of an illness. If you find yourself facing a similar unexpected situation, here are five steps to help you regain your financial footing and confidence:

1. Give yourself permission to dip into your emergency fund. It can be mentally difficult to spend your hard-earned savings paying off unexpected bills. If you find yourself in this position, remind yourself that the point of having money set aside is to handle unplanned costs with as minimal impact to your usual spending as possible.

Ellis Prescott and Kaitlyn Caple were recently awarded the Cristopher Crafa Memorial Award.

Catholic University recently presented the Christopher Crafa Memorial Award to Kaitlyn Caple and Ellis Prescott, members of the university’s swimming and diving teams.

The award is named after Garden City resident Chris Crafa, a mechanical engineering major and member of the men’s swim team who died of a sudden cardiac event on Jan. 1, 2019 at the age of 20.

Established by Chris’ parents Joe and Lorilee, the award is conferred annually to a Catholic University swimmer or diver who demonstrates the qualities that Chris displayed throughout his life. Those qualities include selflessness, dedication to his team, work ethic, competitive spirit, and a drive to succeed that few could match.

Chris believed that you rise and fall as a team and every teammate holds value. He also knew how to make the sport fun and enjoy the ride. His spirit lives on through these awardees and their teammates.

While a member of the men’s swim team, Crafa and his teammates won three straight men’s Landmark Conference championships. The team followed it up with a fourth straight victory in what would have been his senior season.

Caple, a senior diver from Ansonia, Conn., has posted strong marks throughout her career in both the 1-meter and 3-meter dives, earning third place at Landmarks in the 3-meter dive as a junior.

Prescott, a senior swimmer from Las Vegas, Nev., is a three-time Landmark Conference Champion (400 IM, 500 Free, 1650 Free) and was the 2019-20 Landmark Conference Rookie of the Year.

2. Craft a financial strategy to combat the expenses. If the costs are more than your emergency fund can cover, take the time to plan out how to address them. Your strategy may include: or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

• Insurance. If your situation involves an expense covered by insurance, contact your provider as soon as you can to start the claims process. If you’re unsure of whether an expense is covered by your policy, ask. Document key details of the situation and remember to keep all receipts.

• Tap into other savings or investments. If you have savings separate from your emergency fund, consider withdrawing from these sources. While it’s likely you have the money earmarked for a different type of goal (e.g. a second home, a new boat), it may be more important to take care of the unexpected expenses today. Whatever you do, try to avoid withdrawing from your retirement or college savings accounts. You may incur a penalty for using the money for non-qualified expenses and you would miss out on the chance to continue compounding your savings over time.

• Adjust your spending. Depending on your situation, you can either rework your budget or simply be more mindful of your spending in the near term. If you’re living with a spouse or partner, have a conversation to help set financial priorities over the next few weeks or months. Open communication can help you work together to address the unplanned expenses and get back on track.

• Seek professional help. If you’re unsure which investments to draw down or want a second opinion on the tradeoffs between using various sources of income, consult a financial advisor.

3. Prepare for next time. Once you’ve addressed the situation at hand, commit to restoring your financial foundation for the next inevitable unexpected event. Replenish your cash reserve and create a plan to rebuild any withdrawn investment savings. Review your insurance coverage to make sure you have adequate protection and understand what expenses may be covered and where you may have gaps.

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Perfectly situated on 1.43 acres in the heart of the Mott Section of Garden City, this beautiful colonial has been extensively renovated throughout and boasts an abundant amount of living and entertaining space including an in-ground heated pool and a full-service cabana with a kitchen and a full bathroom. The location, overall condition and the generously sized lot make this a truly unique opportunity!