Millennials are the first generation to earn less income overall than the previous generation. How can any millennial know what to do with so many financial hurdles to overcome? It might feel like you don’t have enough wealth to need a financial planner, but it should be a priority. No matter your financial situation, here are four reasons it’s critical you seek out a financial planner to help build wealth and pay off debt.
1. You want to buy a home
Millennials and Gen Z are having a much more difficult time becoming homeowners than their parents due to the current job market, inflation, and stagnation of incomes. Consequently, the goal of buying a home becomes all the more difficult when trying to do it on your own. Financial planners are vital assets to have for situations like this. They can take a look at your current finances and help create an actionable plan that gets your savings, credit score, and creditworthiness to a place where getting approved for a mortgage is easy.
2. You’re planning to retire
The eldest Millennials are now entering their forties and starting to think about the next phase of their lives. If you’re considering leaving the workforce within the next 20 years, you must begin hashing a plan for how you’ll do that and start saving as soon as possible. Financial planners can help establish a savings goal that not only ensures you’re able to exit the job market on your own terms but have the correct tax-advantaged retirement accounts that prevent your retirement income from being overtaxed.
3. You want to focus on long-term wealth building
Whether you’re interested in adding more money toward investments, want to build a nest egg for your family, or are ready to put your money toward appreciating assets that create wealth, you’ll need help. Financial planners know how generational wealth building works and can navigate the current economy in a way that ensures you’re investing your money wisely.
4. You want to get rid of your outstanding student loans
If you feel like you’ll never be out from under your student loans, you need a professional financial planner ASAP. Financial planners have a better eye for debt removal strategies and will be able to help you not only get rid of your student loans but get rid of them as quickly as possible.
The bottom line
If you don’t want to be buried in debt and build wealth, you need the help of an experienced professional to help you start planning an actionable strategy. Bringing on an experienced financial planner will not only help you set goals but will work with you to build a financial plan that creates wealth while protecting your assets and loved ones. Use this guide as a way to decide which advisor is right for you and create a plan for improving your finances today.