For the Young Investor
Being a young adult can be exciting – enjoying the early stages of a career, having your own place, making new friends – but it can also be confusing and stressful. One of the reasons is money, and learning how to manage it.
In a financial literacy survey of more than 5,500 young adults, the National Endowment for Financial Education and George Washington University found that only 8 percent of those ages 23 to 35 showed a high level of financial knowledge.
“For those just starting their careers or beginning to save for their retirement, the financial planning world can be quite daunting,” says Richard Paul, president of Richard Paul & Associates, LLC (www.rwpaul.com), a financial advisory firm in Michigan, and author of The Baby Boomers’ Retirement Survival Guide.
“One flaw of our education system is the lack of preparedness it provides for younger investors just starting off. When it comes to stocks, bonds, 401(k)s, and debt, the task of planning is overwhelming to most.”
Paul offers young adults five tips for fundamental financial planning:
“Young people need to know how to plan financially,” Paul says. “There’s a tendency to put it off, but that’s risky. There’s too much to lose. You’re not young forever and without a plan, you’re unprotected for your future.”
About Richard W. Paul
Richard W. Paul is the president of Richard Paul & Associates, LLC (www.rwpaul.com) and the author of The Baby Boomers’ Retirement Survival Guide: How to Navigate Through the Turbulent Times Ahead. He is a Certified Financial PlannerTM professional, Registered Financial Consultant, Investment Adviser Representative and an insurance professional holding life and health insurance licenses in Michigan and Florida.
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