I am privileged to have had great bosses and a job that doesn’t require me to go into the office everyday. I am also lucky to have had a mother teach me how important it is to save money. Reports are showing that there won’t be any social security available for my generation, ‘Gen Y’. While this unfortunate, if you have been following the economy at all, you would know it’s wise to invest your money. I just don’t know how smart it is to invest in a 401k when by the time I reach retirement age; the factors will be the same. Since I am not currently a full-time employee receiving benefits, I have thoroughly thought about opening an IRA, individual retirement account. If I had a 401K, I would be able to potentially set aside a certain percentage of my paycheck that may be matched by my employer. Since I’m not yet at that stage yet, financial planning seems the wisest move for me and the majority of my generation.
Seeking a financial advisor, will allow me to sort the best options. Should I invest in the stock market? If so, what shares should I buy? How much of my paycheck should I invest? And so on. Retirement planning isn’t to be taken lightly; however, when you’re fresh out of college, it’s not exactly a main priority for all graduates. Kalamazoo financial advisors help educated working Americans on their investment options. If you are self-employed or plan to be, there are also options for retirement. I have only recently started researching my potential options. So far I have read that about 3-5% is a good amount to invest from each paycheck. At the same time, it’s how much you make that determines that percentage.
Wealth management isn’t a skill that everyone possesses. I have plenty of friends who don’t spend money wisely or think about the future of their finances. Financial counseling of any sorts is a good idea when you get your first “big kid job” or if you’re beginning to realize it’s time to start saving or investing. This will help you setup a plan that works for you and your income. Retirement planning is only one step in planning your financial future. What are you future goals? Do you want to buy a house or pay for your children’s college? These are important goals that most workers strive to meet. Educating yourself on your financial position will help you save for the future.