His phone is ringing off the hook.
Not with residents’ questions about the privatization of Clary Anderson Arena or Belgian block curbs, as 1st Ward Councilman Rich Murnick is used to.
The financial planner has been forced to shift his focus amid the global financial calamity and promises he will try to control spending and taxes in Montclair.
"The township is open for business. Montclair is not going to shut down because Wall Street has hit a bump," said Murnick, who has been in the business of finance for 18 years and opened his firm, Murnick Financial Group on Bellevue Avenue in 2002.
"Wall Street has never seen this kind of turbulence, ever. It has to affect us here in Montclair," Murnick said.
"People have lost jobs. It is going to become difficult to obtain employment. Banks aren’t lending money as freely as they have been. Home equities and credit cards are being looked at more carefully," Murnick said.
The financial planner narrows down what to expect and how Montclair will ride the financial storm.
This will affect Montclair Township’s spending habits:
"Without as much access to borrowing money, the housing market will be affected, small local business owners and certain projects that we [the township council] might want to accomplish as a town might have to be revisited."
Revisit your goals:
"Revisit short- and long-term goals, especially as you get closer to retirement. Your investments today should be different than they were 10 years ago. No matter what your age is, you need to have a plan."
It will be more difficult to get a loan:
"You’ve seen car dealerships leave Montclair, and now buying a car will be difficult because people won’t be extended the credit that they need. If you must shop, shop locally to support the small businesses that will see difficulty in these times. Banks will look with greater detail as to who they are lending money to. One of the problems was that it was too easy to obtain credit in the past, and now that those rules have changed, even college students won’t get bombarded with credit card offers in the mail.
The upside:
"Let’s looks at the positives. We are still open as a township. First Night looks like it will still be as tremendous an event as it is every year. The opening of the Wellmont Theater will continue to showcase Montclair in the forefront of the arts. We’re breaking ground on a new park and school to be opened soon.
"These are going to be interesting times in the financial world that we’ve never seen before, so we really can’t predict what’s going to happen in the future. Montclair, as a community, will continue to thrive and prosper even during these turbulent times."
Murnick recommends consulting with a professional to prepare for the future.
"Don’t spend beyond your means," he said.
