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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
Millennials face challenging financial obstacles, including high student loan debt and difficult entry into an expensive real estate market. But they have one advantage that older generations never have: Time is on their side. If you’re a Millennial consider how, even with other financial obligations, you can find the money needed for long-term financial goals.
Next, make that extra 10% part of a disciplined investing strategy. Avoid the temptation to pay your low-interest-rate student debt early, as irritating as these loans may be, and consider making better use of any extra money. Consider investing for long-term goals like retirement, which you can easily do by participating in your company 401(k) plan.
Here’s one example how your money can grow: Let’s say you earn $5,000 per month. You put 10% of your income, or $500 per month, into your 401(k). Your employer matches 3%, adding another $150 monthly. If this $650 per month earns 6% compounded daily over 40 years, the total contribution of your $240,000 and your employer’s $72,000 would grow to more than $1.3 million.
Understand that time means everything in this example, because investing the same total over a smaller amount of time will not come close to matching the number previously cited. So get started today and put something away for the future.
*https://www.federalreserve.gov/releases/g19/HIST/cc_hist_memo_levels.html
GE-2917467 (1/20) (Exp. 1/22)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
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GE-4833845.1 (7/22)(Exp. 7/24)
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