by Jaymon Meikle
Whenever I meet a millennial, like myself, the old standard question of what we each do for a living comes up. When I explain that I’m a financial advisor, I get some interesting responses. The most common is that they don’t yet need a financial advisor since they’re just starting out and don’t have enough assets/income/complexity to justify professional advice.
Here I disagree with them. Millennials do need financial planning, and in fact may have a greater need for advice than many of my more seasoned clients. Here’s why.
Changes Need Time to Take Effect
Let’s imagine that this millennial, like so many others, waits until just a few months or years before retirement to consult a financial advisor. By then, they should be on the downhill slope and gliding in to a comfortable retirement. The problem is that if they’re not ready, there’s just not enough time for any changes to have much effect. So, either they’ve made it, or they may never make it. That’s not to say that we can’t do a lot of good in some areas, but in the area of saving/investing, there’s not much time left.
Probably the most important financial decisions we make are when we are young – at the beginning of our earnings careers. That’s when those decisions will have the most impact over the period of our lives. Deciding not only to contribute to your new 401k, for example, but whether you should contribute to the traditional 401k or the Roth 401k, how much should you put there compared to paying off student loans, etc. For many that’s the time of life when we’re getting married, having kids, buying a home – all huge financial decisions.
Our lives are complex and how we handle our finances through those complexities will greatly affect our finances 20-30 years down the road. A couple of good financial decisions or a couple of poor financial decisions in the next few years can mean the difference between reaching our goals or falling short.
Wealth Designed, Life Defined
This is why I am a big believer that everyone needs financial planning, especially millennials. Together we can figure out what is most important to you and make sure your money aligns with those beliefs. Now’s the time for financial planning to make a huge impact in the millennial generation, not thirty years from now.
Did you recently get a new job? Bring in your benefits package and we’ll make sure you’re making the best choices for you and your family. Getting married soon or just got married? Bring your spouse in and we can assist with the merging of your finances and review what this milestone means for your future.
At Meikle, our mission is to make our clients’ financial lives easier. We’re here to help, no matter which generation you come from, to translate complex issues into everyday language. Give us a call today and let’s set up a time to talk.