Wealth Accumulation & Planning

It is easy for millennials to put off crafting or obtaining a financial plan. This is usually attributed to having a small number of moving pieces and a less complicated personal financial situation. As their lives evolve into marriage, children, and take on more liabilities than just student loan debt, some clarity and planning can go a long way. In a sea full of do-it-yourself apps and unlimited YouTube videos, without the proper discipline and application, what’s the point? We design plans, coach you to stick to them, account for variables and provide the tech you need to ensure full transparency.

“At 16 percent, millennials are more likely to be uninsured compared with the older generations (12 percent of Gen X and 8 percent of boomers), an increasing trend since 2016. When asked why they lack insurance, 60 percent of uninsured millennials say it is too expensive.” Millennials who have a spouse and a mortgage need a risk management analysis; add a child or two and it’s DEFINITELY needed. Protection can be very inexpensive and there are countless products that can complement your estate in an unforeseeable event and pad your net worth during life.

A very important obstacle facing many millennials today: Optimizing their first phase of earnings growth. As millennials enter into their 40s, they are approaching a phase of their career where they are financially secure, have more disposable income than they’ve ever had, and they have no plan in place on optimizing it. There are many strategies that we can implement that not only enable asset optimization from a tax standpoint, but ensure tax flexibility when you eventually decide it’s time to retire.

The earlier you start planning your legacy, the less you will stress when it matters most. Millennials consistently underestimate the need to have their estates in order because they are in an early stage of life. This couldn’t be more false. Families with young children are in need of long term direction as much as somebody on the cusp of retirement – it’s time to stop waiting.

With the college inflation rate pegged at 8% per year, the need for planning and saving couldn’t be more important than right now. There are many options available to parents, family and friends to help the next generation save for a massive expense. These options all include different tax implications, asset availability, planning benefits and drawbacks. Talk to an advisor now to see what strategy works best for your family.