Millennials and Financial Planning
Millennials - also called Generation Y or the Echo Boom, can be loosely defined as those who were born 1980-1995 and its a big group of people!
Many of you have turned to short-term contracts or self-employment to make a living while you follow your passion. Your Financial Plans needs to accommodate an income that fluctuates, and be arranged to help you achieve your personal goals. From the comfort of your couch, this page brings you banking, insurance, investment and other financial planning tools that are just right for you. If you are looking to save time, multi-task, and research on-line before you buy, you've come to the right place!
If you're thinking of getting a car loan or a mortgage, or you just want to improve how you manage your money, click here for resources on cash flow and banking.
If you're planning an adventure, you'll want to pack travel insurance. If you have no employeer sponsored health and dental coverage, you may want to get some for yourself. If you have a mortgage, debt or dependents, you may want some inexpensive life insurance. Click here to find out about risk management, get quotes, or apply on-line.
Why it's great to be Young!
There's an old riddle asking which you would prefer: a penny a day increase each day for 30 days, or 100 pennies. You would be far richer if you chose a penny on day one, two on day two, 3 on day 3, etc, as you would have 465 pennies at the end of 30 days. That is the power of compounding.
Investing early gets the miracle of compounding working for you. How long would it take your investment to double? The Rule of 72 shows us. Just divide your rate of return into 72 and the result is the number of years it will take your money to double. For example, it you earn returns of 6% per year, your money would double in 12 years (72/6 = 12). This means that if you invest early, even if you invest fewer dollars, you can end up with more money.
Reach your financial goals
Building long-term wealth is simpler than you may think. Investing in mutual funds and working with an advisor can help you reach your financial goals.
Click here to see some interesting facts and figures on this topic.
Do Millennials worry about Retirement?
Many Millennials have not put a focus on saving for retirement: It could be because of part-time or short-term work, paying down debt, spending income on current passions and initiatives, or buying a house. Maybe their work is satisfying and they believe they will never want to retire. I recently contributed to this Globe and Mail article about how Millennials are preparing for retirement. Have a look!
Let's make a Plan
Your finances can't manage themselves. But that doesn't mean they won't try. Bring all your finances together with the help of a CERTIFIED FINANCIAL PLANNER® (CFP). My CFP designation shows you I have met the experience, ethics, and continuing education requirements set out by the Financial Planning Standards Council of Canada. Find out what it means to make a Financial Plan with this video.
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