Age Range: 15 to 30
Whether you are single and still in school, a recent graduate starting your first career job, recently married and setting up your first household, or some combination of the above, it will be crucial to get off to a good start. One of the best things you can do for yourself and your long-term welfare is to consider the following steps.
Still In School:
- Develop the habit of paying yourself first (setting some money aside) from part-time work, summer job, etc.
- Set some short-term financial goals and strive to achieve them, setting the stage for more in-depth planning as you begin career work.
- Begin researching saving and investing techniques. Learn some basics.
Starting A Career:
- Prepare basic financial plan, including outline of goals, a budget to control expenses, savings and investment plans to assure achievement of goals.
- Participate in employer sponsored retirement plan as soon as you are eligible and to the greatest extent possible. Pre-tax contributions are a powerful force in your favor.
- Initiate a shorter-term savings/investment plan to accomplish shorter-term goals (i.e.: new car, vacation, house down payment, etc.).
- Same as starting a career, above, with special attention paid to meshing couple’s potentially divergent personalities, spending habits, goals and priorities (i.e. lifestyle, use of credit, starting a family, buying a house, etc.).
- Spend time and effort learning various saving/investment risks (principal risk, market risk, liquidity risk, purchasing power risk, etc.) so that informed saving/investment strategies can be employed.
Sound difficult? Never done this? Not a problem.
We’ll get you started and answer any questions you may have. It will be the best thing you can do for your financial health. Begin to attain your dreams today!
Remember, if you fail to plan, you are planning to fail!