Broker Check

Millennials

STRATEGIES THAT MEET YOUR NEEDS

Personal finance does not have to be difficult. Our specialists Zach and Kayla work with millennials to help educate them and most importantly better understand how they can better their current financial situation and future.The earlier you start and educate yourself, the better off you will be.Together we can help create a plan that accomplishes all your personal financial goals. The financial checklist below is a good way to determine how much you’ve already accomplished and how much still needs to be done.

Millennials — those between the ages of 18 and 34 are entering their adult years with financial challenges that range from record levels of student debt to slow wage growth. The silver lining? Thanks to their youth, millennials still have time to lay the foundation for financial well-being and a successful retirement, provided they make a few key financial moves before they hit middle age. As with any generation, the key to making good financial choices is information and support.


SET A BUDGET AND TRACK FINANCES

This first step is the foundation for getting your finances in order. Sit down and map out what you spend. If you are spending more than you make, you need to prioritize and eliminate something. Otherwise, you could be on the road to constant debt. Ask us about some of the tools available to you to help you track your budget.

CREATE AN EMERGENCY FUND

Create an emergency fund for all unexpected events that are sure to arise. Whether you become unemployed, face a medical emergency, your roommate moves out, or need car repairs, there will come a time when you need money that you hadn’t planned on spending.

PARTICIPATE IN EMPLOYER RETIREMENT PLANS AND MAXIMIZE ANY MATCHING

Employers who offer a 401(k) tax-advantaged retirement account allow you to contribute directly from your paycheck pretax and many also match contributions up to a certain percentage of your salary. If your company offers a match, you should contribute enough to get the maximum, or work your way up to that.

TAKE ADVANTAGE OF A ROTH IRA

A Roth IRA is funded with money that’s already been taxed as part of your normal paycheck. But when you withdraw the money in retirement, it will be tax-free. To make sure you stick to saving, have a portion of your paycheck automatically deposited into the Roth each month or every few weeks.

OPEN A NON-QUALIFIED BROKERAGE ACCOUNT FOR SAVING AND INVESTING

During your lifetime, you will have many large expenses, such as buying a house or a new car. A non-qualified brokerage account lets you save for all your non-retirement goals, as well as allowing you to invest in the markets for fun. Maybe buy some stocks in your favorite companies! It can also be used for unforeseen emergencies that may come up, such as medical bills or a new roof on your home.

ESTABLISH AND MAINTAIN GOOD CREDIT

Did you know that one missed payment can damage your credit for up to 7 years? This could ruin your chances for a new car or your first home. Learn how to create and maintain good credit. How do you protect yourself from fraud? It is important these days to monitor and track your credit at all times.

GET LIFE INSURANCE

A life insurance policy can make sure that you can leave a death benefit to your family, loved ones, or even a charity of your choosing. Life insurance premiums may increase with age and health status, so lock in your premium early when it’s most affordable. These plans are designed to stay with you through all your major life events. So, no matter where you are in your life or career, we can make sure you’re properly covered. Did you know certain types of life insurance plans can supplement your retirement income? Talk to us to learn more.

GET DISABILITY INSURANCE

Your ability to earn income is your most valuable resource. If you were to become disabled, how will you pay your bills? The sobering fact for 20-year-olds is that more than 1-in-4 of them will become disabled before reaching retirement age*. In the event of a disability, our policies will not only cover a portion of your income, tax-free, but can also add money to your retirement savings, and make sure you’re receiving an income even if you can work part-time. You have your whole life ahead of you. Make sure your future is properly protected.


*United States Social Security Administration - www.ssa.gov

ORGANIZE YOUR PLANS/ASSETS WITH OUR PERSONAL FINANCIAL VIEW (PFV) WEBSITE

Combining all your financial accounts into one report with our PFV website will allow you to get an easy snapshot of where your money is going, how your investments are doing and other trends in your finances, like your net worth. That information will help you make smart choices and reach some of your more challenging goals.

MEET WITH A BARNUM FINANCIAL GROUP FINANCIAL ADVISOR

As you work toward reaching your financial goals, it’s important to touch base with a Barnum financial advisor quarterly and annually, as well as whenever you experience major changes in your life circumstances, such as marriage, the birth of a child, or a new job. Life changes constantly and it’s important to review your financial plan to make sure it still meets your needs. We are here to help you throughout all your life stages.


                                                                                   Kayla Lopes                                              Zachary Wojtowicz

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