Four Pieces of Financial Advice All Millennials Need to Hear

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Although there are some states that require students to participate in a personal finance class once they reach high school, many still don't nor do they tend to require testing on it - not to mention, children generally aren't taught about money in school during their younger years, which are some of the most important for learning.

Since there is so much to learn though, even if you were taught when you were younger, it never hurts to get a refresher on some of the most important topics. That said, below are four pieces of financial advice we think all millennials especially need to hear:

1. Start planning for retirement at your first job.
Even if you feel that retirement is light-years away, you need to start planning for it as soon as you get your first full-time job. In fact, before you even accept your first full-time job, you should inquire with the employer what type of retirement options they offer. If the company offers a 401(k) plan, make sure you're taking advantage of it, even if you don't contribute too much at first. And if they offer a pension? Well, that's even better.

2. Monitor your credit card use.
Having a credit card in hand can make you feel like you have the power to purchase just about anything, and though you can "swipe now and pay later," getting into poor credit card habits can damage your finances really quickly. If you have credit cards at your disposal, treat them like cash and make sure you're only purchasing things with them that you can truly afford to pay for.

3. Prepare yourself for the unexpected.
Unexpected situations and emergencies can happen to anyone, so regardless of how old you are, you should always have some cash tucked away should something pop up. Whether you do this through automatic contributions to a savings account or just stash away some money in an envelope each week, having savings that you can fall back on will really come in handy and can give you peace of mind.

4. Work with a financial planner.
Despite how much you already know about money and how well you think you're doing, you can always benefit from getting professional help. Professional financial planners have extensive experience in areas such as taxes, retirement planning, portfolio and asset management and more, and their knowledge and guidance will only help you in the long run.

If you're on the search for a financial planner that can help you effectively manage your finances and develop strategies to help you meet your short and long term goals, turn to American Investment Planners LLC! We work with generations of families all over the country, and we're confident that we have the tools and resources needed to work with and help you next.

To set up an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.