Ryan Harty from Palm Harbor Patch is calling attention to millennials, asking them to "grab hold of their financial future" in a recent article. Harty outlines tips from Jim Poolman, Executive Director of the IALC, that will have you on the right path in your financial future.
- Every penny counts - "when you're young, you have time on your side, so put as much money aside as you can. This might mean skipping a night or two on the town a month," but it'll be worth it in the long run.
- Take free money - by investing in a 401(k) or employer-sponsored plan through your employer because "any plan your employer is willing to match" is "free money."
- Living longer - you need to consider that "Americans are living longer" and so you'll "need a savings plan that works . . . over the long haul."
- Have an emergency fund - be prepared for unexpected events: you "decide it's time to leave your job, your employment suddenly ends, or you need some cash for a car or health needs.." Thus you should "have a few months' pay on hand in your bank account to help you through those challenging times."
- Fulfill your dreams - think about the future you want to have. Do you want "to lounge in your backyard or travel the world?" These are crucial considerations when planning for the future, an an advisor can help you navigate the best path to your dreams.