Wealth Accumulation & Planning

It is easy for millennials to put off crafting or obtaining a financial plan. The usual reason is a small number of moving pieces and a less complicated personal financial situation. Then life evolves into marriage and children, with more liabilities than just student loan debt. At that point, 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? That is why our financial planning for millennials goes further. We design plans, coach you to stick to them and account for variables. We also 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 you DEFINITELY need one. Protection can be very inexpensive. In addition, countless products 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 their 40s, they approach a phase of their career where they are financially secure. They also have more disposable income than they’ve ever had, yet no plan in place for optimizing it. We can implement many strategies that enable asset optimization from a tax standpoint. These strategies also 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 need long term direction as much as somebody on the cusp of retirement. So it’s time to stop waiting.

With the college inflation rate pegged at 8% per year, 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.