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Catch up on some of the latest posts with this week's roundup:
How Should Millennials Be Saving & Investing?
by Devon Klumb, TruWealth Planning
In part two of this series, we talked about giving your money a purpose. Hopefully you’ve already begun to do this. What are our goals? Why are these goals important to us in the first place? How much money do we need to hit our targets, and how much time do we have to get there? Answering these questions is half the work.
With purpose and timeframe in mind, we now set our sights on how much risk we are willing to take with our investments. This is a dynamic process – an intrinsic evaluation of your behavioral tendencies, and above all else, your values.
I Want To Make More Money… Should I Get A Side Hustle?
What The Heck’s a Side Hustle?
Need a little more jingle in your pocket? Or simply, want a little more jingle in your pocket? If you answered yes to either of those questions – congrats! You may be a great candidate for a side hustle! Side hustle is the Millennial term for a side-job or part-time job. Don’t immediately think of waiting tables or bussing. Side hustles are unique for our generation because we like to focus on what we enjoy and how we can capitalize on it. But, ultimately a side hustle is cool way to earn a little extra income to do what you want with – save, spend, invest, etc.
The Importance of a Good Mentor
Having a good mentor is a huge competitive advantage – no matter the industry. We’re all looking to improve and get ahead and having a mentor there to help guide and push you is an invaluable resource. A mentor is someone you need to respect, who also respects you, and is truly invested in watching you grow and ultimately succeed.
I don’t think the mentor-mentee relationship needs to be formal. In my opinion, informal mentoring is the most genuine form! In a structured mentor relationship, I feel that the mentor and mentee both will show up to meetings with a half-ass agenda simply to satisfy the other by showing them that they did some work to prepare for the meeting. That’s not genuine! And I would bet that outside of their regular meetings, they don’t communicate much and are pretty distant. To me, that’s not what a good mentor is.
Why Do We Only Work With Millennials?by Andrew Damcevski, TruWealth Planning
I’m a financial planner and I only work with Millennials – cue the laughter. It’s definitely the non-traditional route, but to me, it’s the smartest route and will be the most impactful. Here are some of the things we heard when starting our firm, TruWealth Planning:
“But, Millennials don’t need financial planning.” ...
None of that surprised me. This industry is traditionally about gathering assets under management or AUM. Well, my generation doesn’t have a lot of assets, but how does that equate to us not needing financial planning? When I was studying for my CFP® Certification I had to learn about investments; but also retirement planning, insurance, taxes, estate planning, and a slew of other topics. Pretty weird that just because Millennials don’t fit the ideal investment client profile that they all of a sudden don’t need any help with financial planning.