It is never too early to plan for what’s ahead. While gainfully employed young professionals might simply be happy to have enough income to live, wear, and do what they want without feeling pinched like they did when they were in school, considering all that’s to come in life will make a positive difference on the present and future.
1. Plan for the Best and Worst Times
Just starting out after earning your degree or certificate might feel like the most exciting but fraught time, but it’s the best time to get financial planning support from a financial professional, especially if you have plans to buy a car, home, or business.
Even if you don’t have major money or life goals just yet, you can’t get through the years without eventually facing major financial hurdles like job loss, illness, or accident. Knowing what resources you have, where you have them, and feeling like you are supported by a solid financial cushion will ease any money worries that develop as you turn from a young professional into an established professional. Initiating good money habits now is the best choice you can make for what’s to come.
2. Prioritize Savings
Most people think it isn’t easy to save money. Plenty of young professionals live paycheck to paycheck, dreaming of the day when they will have expendable income. But professional financial guidance can show you exactly where and how you can begin to save starting now – whether you’re opening a 401(k) or relying on a savings account – and how you can increase your savings as your professional goals are achieved.
3. Solidify Your Goals
It’s one thing to talk about starting a business by the time you’re 30 or being a multi-millionaire by the time you’re 40, but it’s another to put these hopes into action and see them come to fruition. You can set your goals and work toward them, whether it’s paying off student loans or saving for a wedding. Short-term and long-term financial planning is for everyone, but especially young professionals with their entire lives ahead of them.
4. Start Making Investments
Investment management can be confusing to anyone who’s new to the intricacies of the financial world. Young professionals who begin to make investments now, though, do themselves a huge favor – this choice allows them to prepare for now and later. Though you may just be getting started in your career, it’s never too early to consider retirement plans and unwanted financial challenges to your home or health.
5. Unravel Employee Benefits
Too much small print in your employee benefits handbook? Not sure whether a thrift savings plan is right for you? Feeling overwhelmed by health savings plans? The intricacies of company benefits can make them feel like anything but a benefit, but with your financial planner younger professionals can make the best decisions for what is needed now.
Financial Planners for Young Professionals
Young professionals aren’t expected to know everything there is to know about financial planning when they’re fresh into the business world. Seek support by choosing a financial firm that is prepared to work with your demographic and help you make sound decisions for every station in life.
Contact Hollander Lone Maxbauer in Southfield, MI, to schedule a consultation. Work with a trusted resource in everything from savings to debt reduction to financial literacy.
