This episode reviews financial planning for people under thirty. Topics include: why young people don't have a financial plan, the obstacles they face to saving, their reluctance to thinking about retirement, and how the financial planning industry can reach the younger generation.
AUBURN HILLS, Mich., June 8, 2023 /PRNewswire-PRWeb/ -- Lou Melone, CFP®, Melone Private Wealth's Managing Member, Branden Carney CFP®, Wealth Planner at Melone Private Wealth and renowned podcast host Jon Gay have launched a new episode of the podcast: Unpack Your Financial Baggage. This episode reviews financial planning for people under thirty. Topics include: why young people don't have a financial plan, the obstacles they face to saving, their reluctance to thinking about retirement, and how the financial planning industry can reach the younger generation.
Someone under thirty faces thousands of small financial decisions. Working with a financial planner as coach and having a financial plan can give a young person the confidence and tools to make the right choices.
Learning a trade, getting a job, college, kids, buying a car, marriage, possibly buying a new home – the only consistency in that 12 or so year period of life is: spending large amounts of money or preparing to spend large amounts of money. These expenses are often unforeseen regarding how large they are or when the timing of them may occur.
Branden, Jon, and Lou speak about these challenges, the obstacles to financial planning, and why people under thirty may not be open to a discussion about retirement.
There are behavioral investing and scientific reasons for not starting a retirement plan which are reviewed in the podcast. Reasons discussed include: a young person's relationship with time, how financial firms present information on social media which is an important source of information for people under thirty and how functional magnetic resonance imaging (fMRI) studies give us insight to young people's behaviors among other scientific studies.
"Young entrepreneurs are often so consumed with running their business that they forget to sit with a financial planner to discuss their retirement. Social media has become an important source of information for people under thirty but most financial planning information is written and targeted to a much older audience," stated Branden Carney, CFP®.
Lou, Branden, and Jon discuss how often the financial media or 401K presentations talk about the magical number of one million dollars and how it has little relationship to an actual financial plan. They also review the fundamentals of behavioral investing which help explain why many people under thirty do not have a financial plan or financial planner.
"Too often young people are told financial planning information which doesn't resonate and doesn't motivate people under thirty to sit with a financial planner. We believe there are both scientific and behavioral reasons for this happening which we discuss on the podcast. Most importantly we propose solutions and explain how someone under thirty can start a retirement plan," said Lou Melone, CFP®
Next episode
The next podcast will review real life financial planning horror stories.
Listen to the podcast
https://www.meloneprivatewealth.com/unpack-your-financial-baggage-the-podcast
Melone Private Wealth Website
https://www.meloneprivatewealth.com/
About Melone Private Wealth
Clients trust Melone Private Wealth's financial planners because they provide peace of mind while protecting and growing their wealth.
Financial planners at Melone Private Wealth provide comprehensive financial planning strategies for higher net-worth families to help protect, preserve, and grow their current levels of wealth and plan for retirement.
The team at Melone Private Wealth is focused on helping answer two critical questions, which most investors desire: Do you know exactly how much money it is going to take for you to retire? Do you know how much money it is going to take to remain comfortably retired?
About the Podcast
Lou Melone CFP® and R.J. King created the podcast Unpack Your Financial Baggage. The podcast's focus is: At retirement, your whole financial life essentially collapses down to one two-fold question: Will your money outlive you or will you outlive your money? Episode five features Jon Gay as a guest host.
Media Contact
Vito Curcuru, Melone Private Wealth, 586-215-4270, [email protected]
SOURCE Melone Private Wealth
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