Starting Out: 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: Average age 15 to 20+
- 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 career: Average age = 20+
- 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 (ie: new car, vacation, house down payment, etc.).
- Getting married: Average age = 20+
- Same as #2, 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.
.
Contact us for a free initial consultation. 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!
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