While most of our listeners are in or on the cusp of retirement, many have loved ones who are earlier in their careers. Often we get questions on how our listeners and clients can help their younger family members make better financial decisions.
On this special International Women’s Day episode, you’ll meet our newest CFP®, Niamh Douglas. Niamh and I discuss some tools and strategies to help young people who are just starting out get off on the right financial foot.
About 3rd Decade
Unfortunately, so many young people don’t learn the basics of how to make good financial decisions in school.
A few of our financial advisors work with a financial literacy program called 3rd Decade. This two-year financial education program is designed for people between the ages of 18-35 who earn less than $70,000 per year.
3rd Decade Participants take four courses on personal finance topics like behavioral finance, assets and managing risk, taxes and retirement, and insurance.
Throughout the program, they also receive a few hours of financial mentoring from financial advisors and is a great way for young people to increase their base financial knowledge when they are still young and working with a financial advisor is an expense that is out of reach.
To get young adults away from the Bank of Mom and Dad, they’ll need to have enough financial education to make good choices 3rd Decade can give them the knowledge and tools to improve their financial decision making.
Ways Young People Can Invest in Themselves
Recent graduates can find it challenging to think about investing, but the best thing someone early on in their career can do is begin to invest for retirement.
If their employer offers an employer-sponsored retirement plan it shouldn’t be missed–and if there is an employer matching contribution it is essential to contribute enough so they can match it. The best thing one can do is to get started saving early and often.
Listen in to hear about some helpful resources that young people can use to improve their financial situation.
Outline of This Episode
[1:00] 9 Retirement surprises
[2:11] Meet Niamh Douglas
[4:14] About 3rd Decade
[10:09] Ways young people can invest in themselves
[16:11] Have financial family value conversations
[18:03] Financial gift ideas for young women
Resources & People Mentioned
Niamh Douglas
Niamh is a Certified Financial Planner™ who strives to provide clients with tools and advice to achieve the utmost financial success. Niamh knows that every client is personally and financially unique. She enjoys getting to know clients on a personal level, building relationships with them, and celebrating their triumphs.
Allison Berger
As an experienced Financial Advisor and partner, Allison builds custom financial solutions to enhance today and enrich tomorrow for our Wealth Management clients. Allison has a particular interest in working with clients in or on the cusp of retirement who want to delegate their portfolio management so they can enjoy life.