Wilde Wealth Management Group

Millennials and Money

By: Michael Obenauf, Wilde Wealth Management Group Payson

Many Millennials, even those on the older end of the spectrum in their mid and late
30s right now, have plans to retire much earlier – potentially in their 50s – than prior
generations. Given this, planning for one’s financial future must start immediately
with little things, such as creating a financial calendar with reminders for recurring
bills, subscriptions and other regular costs. This document is a quick way to get
a handle on monthly expenses so you can understand how much you have left for
retirement savings and other long-term goals. Don’t want to keep track on your
own? Budgeting apps such as Truebill can really help to organize your finances, right
on your phone. Another small step toward early retirement: start tracking your net
worth now. This is the difference between your assets and debt, more or less the
big-picture number that can tell you where you stand financially. Check and update
it at the beginning of year, and you will be surprised of the progress you’re making
toward your financial goals—or if you need to refocus. Perhaps the hardest small
step: not going big. Don’t buy the big house or the big car the moment you start
making money. Invest in an emergency fund first by saving up to six months of your
salary. Then, max out your retirement accounts and pay down any college or other
outstanding debts. Only then should you be looking to buy big if planning to
retire early.
www.wildewealth.com
Michael Obenauf is a Financial Advisor: Securities and
advisory services offered through Cetera Advisors LLC,
member FINRA/SIPC, a broker/dealer and a Registered
Investment Advisor. Cetera is under separate ownership
from any other named entity.