Friday, September 23, 2016

Planning for Millennials - We are on to something!!!

Planning For Millennials

We are on to something!!!


Planning for Millennials


Rob and I spent the past few days at a conference in San Diego, California for financial planners focusing on young professionals, similar to us!  To see the growth that this business has had since we started just over three years ago, for both ourselves and for others in this space, has really been quite the journey.  The most exciting part is that we are not alone to think young professionals should have access to financial planners!

So you may ask - Why?

Reduced Retirement Income - Well in the past, many folks did not have to save much money for retirement because their pensions and social security would be able to provide them the funds they needed to support their lifestyle.  Unfortunately, we have seen a gradual shift in the economy as a whole to increase the responsibility of saving for retirement away from employers and the government onto the individuals.

Investment Accounts - Now that we have to save up for more of our retirement, we need to know how to safely invest those funds.  In addition, young professionals move jobs on average every 3-5 years, and accumulate multiple retirement accounts from prior employers.  What do you do after you leave your job to make sure your old accounts are still being taken care of?

Increased Debt - Student loan debt is quoted at $1.3 billion spread out over 43 million borrowers with the amount of debt taken out for new student loans each year increasing.  It is not uncommon to see young professionals with advanced degrees and sizable student loans.  How do you figure out the best way to repay these loans?  Are you eligible for any of the forgiveness options?  If so, what do you need to do to ensure you are on the right path to have debt forgiven in future years?  There is so much information around student loan debt so stay tuned for a future post with more details here.

Life Goals - How do you save up to purchase a home in such a strong real estate market as the New York City and surrounding tri-state area?  How much money will you need to put down when you buy a home?  Do you know how to avoid being subject to PMI?  How much money does it cost to have a wedding?  What can we expect in expenses when we start a family?  What happens if you want to change careers or go back to school?  All of these questions and more are so important to have answers to.

We are so thrilled to be with so many other financial planners the past few days whom acknowledge the need for advanced planning for young professionals and to share with them our thoughts, advice and experience in building this business.  The more planners there are, the more young professionals that can get access to the services they need and deserve.

With that, I raise a glass to this growing field of financial planning for young professionals and say thank you to those who believed in this dream Rob and I had who believed in us and our vision for the future.  What a movement to be part of...

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