Millennials often get a bad rap.
They’re a generation that knows what they want, strive to have a proper work/life balance, and reject the notion that simply because it was done a certain way in the past, it has to be done that way today.
Although these may seem like negatives to previous generations, in all reality, these are great qualities.
First off, why strive to live up to the expectations of others? Millennials in large part understand what they want for their lives and push after it.
Working a 9 to 5 in a cubicle may have been a dream for previous generations, but that’s far from it for Millennials. Why spend a majority of your life doing something you don’t want for people you don’t like?
Trailblazers are always viewed in a negative light. People don’t know what to think of people they don’t understand.
All of these traits, when used correctly, are absolute positives and will lead to a changed world.
One thing that Millennials often lack however is the means to plan.
There’s a million and one ideas floating around in the minds of young people, but few actually have a plan to make the goal become a reality.
That’s where financial planners come in.
Having a goal is simply not enough.
Here’s a list of goals often expressed by Millennials I’ve met with:
- I’d like to retire in my 40’s.
- We want the freedom to travel often.
- I want to only have to work 6 months out of the year.
- We don’t want to have kids until we’re in our 30’s.
These are all great goals and many of which I have for myself.
However, when I ask how my clients plan to achieve those goals, they often have no idea.
THIS IS A PROBLEM.
Too often we focus on the end goal, rather than the work it takes to get there.
Retiring in your 40’s is no small task, there’s a reason so few do it. It takes HARD work and an insane amount of discipline. Forget eating out every meal and going to every new release movie at the theatre.
This isn’t a bad thing however.
You don’t need to eat out every meal, for one it’s expensive, and secondly, it’s pretty unhealthy. Limiting your dining consumption will increase your health and your wallet.
Having the goal to travel often and see the world is a great one to have. But, it takes proper budgeting and allocation of your money when you’re not traveling, to allow you TO travel. Not only will you be spending money while traveling, most of you will also not be making money while you’re doing so.
You only want to work 6 months out of the year? Then you better be working like a slave while you’re working, and spending like a monk when you’re not. Working 6 months out of the year is completely doable, but living frugal will have to be top of mind at all times, not just when you’re not working.
Having kids later in life will allow you get to know your partner and explore your life with freedom. But, having kids later in life also means they’ll be living in the home later into your life. Planning accordingly is important to ensure they’re taken care of.
These are just a few questions, but illustrate the importance of a plan.
Not only do you need a plan, but you need someone who understands your who, what, when, where, and why’s.
Your financial planner should pair with you to tackle your goals and give you guidance on where to push and also where to pull.
Don’t work with your father’s Financial Planner.
Work with your Financial Planner.
About Dane Financial, LLC
Dane Financial, LLC is a Registered Investment Advisory firm based in Springfield, Missouri that specializes in Financial Planning and Investment Management for Pre-Retirees, Federal Employee’s, and Millennials.
We offer the following products and services: retirement income strategies, wealth accumulation strategies, asset protection, tax minimization strategies, long-term care planning, and IRA, TSP, and 401(k) rollovers.
We are located on the third floor of the Bradford Place Building.