Kelly Brothers, Partner and Financial Advisor with Genovese Burford & Brothers, sat down with Metro EDGE during the latest EDGEucational Forum to chat about financial planning for young professionals. The biggest takeaway? Just get started! “Do it yourself or, if you’re not comfortable, work with an advisor to make sure you’re doing it right,” said Brothers.
In this video clip he tells the group of what he likes to call “The Starbucks’ Savings Plan.” :: Kelly Brothers :: The Starbuck's Savings Plan
Other financial planning tips from the presentation/round table discussion included:
1. You have to take charge of your retirement. No one is going to do it for you.
2. When picking a 401(k) plan, diversification is the key :: “Don’t bet it all on red.”
3. Target-date (age-specific) funds are a good option.
4. With your 401(k), always match the employer match – make it a habit.
5. Morningstar is a great resource for research.
Brothers stressed taking action … not letting your retirement planning wait for another day or another person to think about. There is no one-size-fits-all solution either. There are many options for retirement and you can customize based on your unique situation. With a little legwork, you can get ahead of the game and gain perhaps the most precious commodity of all … a little peace of mind.
