RALEIGH -- Many millennials are unsatisfied with their financial situation, and as a result, are delaying life events and financial commitments like buying a home and saving for retirement. That was just one of the findings of the 2017 Millennials and Their Money report by Navy Federal Credit Union, conducted by Forrester Data Consulting.
The report also found that of those surveyed, military and veteran millennials have higher incomes and feel more confident in their financial situation. It found that while saving is a priority, many millennials surveyed didn't know where to start.
Our Caroline Blair sat down with Brant Spesshardt, CFP®, SmartVestor Pro, president of Steward Wealth Strategies and founding member of the Dave Ramsey’s Investing Council, for a look at some ways millennials can start meeting their financial goals. He says millennials should start thinking about their dreams and goals for what they would like to do and where they would like to be later on in life like traveling and volunteering. Then, they can develop a financial plan to help serve as a GPS.
Spesshardt says millennials have to "put down the latte and set priorities". He says younger generations need to figure out their motivation and buckle down. The quicker a person can get out of debt, the quicker they can build an emergency fund of 3-6 months of expenses and then start building wealth. He says there are a number of online resources and apps that can help someone get on financial track, as well as meeting with a competent financial planner or taking a financial course like Financial Peace University, to develop a plan for moving forward.
Spesshardt urges millennials to always look for good and reliable sources for information. And often, finding someone closer to your age that can relate to your goals and dreams can be helpful. Spesshardt adds that everyone should invest in a 401k at work as quickly as possible and start saving in a Roth IRA. "Both of these are tax shelters that will allow your money to grow and compound without tax implications during the growth years," he adds. "The sooner a person starts, the sooner they can reach financial independence," he adds.
If you would like to learn more about gaining financial independence, Spesshardt says to talk to a financial planner or adviser that you can trust. Find out who members of your family use, or go to source like Dave Ramsey. In addition, many churches, community centers, libraries, community colleges and employers will host personal finance classes. You can also visit NC Smart Vestor.
Disclaimer: The information being provided is strictly as a courtesy.
Although the information has been gathered from sources believed to be reliable, it cannot be guaranteed. This information is not intended to be a substitute for specific individualized tax or legal advice. Neither FSC Securities Corporation, Steward Wealth Strategies, nor its registered representatives, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.
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