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While Millennials may do things differently, they are not financial slackers. Creating a healthy financial legacy is a priority. A few simple steps can help ensure that your financial vehicle is in tip top condition. We consulted Brandon LeBlanc, an experienced financial consultant at Business First Wealth Solutions Group, to get the roadmap.
Here are 5 tips for Millennials to forge a solid financial path.
Student loan debt is often the first hurdle. Millennials are on track to be the most educated generation to date. This impressive statistic carries a hefty financial burden with more student loan debt than any previous generation. Many need help establishing a budget and setting realistic benchmarks to get past their initial debt before they can begin investing.
Be an active part of the process. Your finances are personal, so it is just as important to seek the right financial advisor as it is to find the right medical doctor. Look for an advisor who takes on the role of financial trainer rather than salesman. “It is worth your time to meet face to face with an advisor and see if they are right for you,” Brandon says. “I think of myself more as a financial educator, teaching my clients about the whole picture so they can feel in control.”
Do your homework. Investment information about the direction you may want to travel financially is plentiful and easily accessible. Before meeting with your advisor, do some research to help you ask the right questions. “I find it refreshing when clients do their own research,” Brandon says. “Even looking into the advisor in advance is a good idea. This makes you more confident and we are able to speak about services and cost with more transparency.”
Balance tech convenience with a personal connection. Digital access to monitor accounts is helpful and wise but relying solely on technology to manage your money is dangerous. “With every opportunity, there is a risk,” Brandon says. “The first thing we do with a new client is have them answer a simple Riskalyze questionnaire. This tool helps us identify the client’s financial “speed limit” and together we can build a vehicle to take them where they want to go.”
Start now. The sooner you have a clear view of your financial dashboard with a realistic plan in place, the sooner you can rest easy and retire comfortably.
