No matter how young you may have been when you started (properly) managing your personal finances you likely wish you had started sooner.
If you have a son or daughter, grandchildren, or nieces and nephews — chances are they all need financial guidance. Financial planning skills are not taught in elementary school. For most Americans coming to grips with their personal financials and planning for retirement both come as a rude awakening.
In fact, for many Americans, they don’t realize until it’s too late just how important financial planning is.
Northwestern Mutual’s 2018 Planning & Progress Study, which surveyed 2,003 adults, found that 21 percent of Americans have nothing saved at all for their golden years, and a third of Americans have less than $5,000. To put that into perspective, it means that 31 percent of U.S. adults could last only a few months on their savings if they had to retire tomorrow. – Source: CNBC
But you can have a tremendous impact on their ultimate success or failure. Just sharing the knowledge you gained through experience can be a great help toward getting them started. Start the conversation sooner, rather than later. Instill in them a sense of importance in proper financial management; how important these decisions will be for their entire lives.
If they can remember the name of every Pokemon and dinosaur they can remember these important lessons.
If you’re not exactly sure how to start this conversation consider these important tips toward achieving financial goals in the future:
The essence of solid financial planning is preparation. The better prepared you are for all of life’s twists and turns, the better the outcome in the long run. By sharing what you have learned, what you know about the importance of financial planning, you will be giving someone else a chance to avoid some of the obstacles you may have encountered. Especially if the lesson is “start saving early!”
Advisory services offered through EWG Elevate, Inc. dba Eagle West Group.
This represents a partial list of clients. They have not been compensated and were not selected based on duration, performance, account size.