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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
March/April 2024
Millennials - This is for You
You’ve worked hard to become a high-earning millennial, and to stay there, you continue to do so. Sadly, working long hours may keep you from planning for your financially secure future, but that would be a mistake.
How can you avoid financial mistakes? Recognize that you cannot do it all, so seek professional guidance.
What Not to Do
Unfortunately, some millennials make mistakes that can cause long-term damage to their financial situation. Often, these may include:- Inflating their lifestyle because they assume their high income will always be there.
- Likewise, they do not start investing for retirement and other future goals soon enough.
- Not planning for a rainy day with an emergency fund and adequate insurance coverage.
- They feel they will live forever, so they avoid estate planning.
What Do You Want?
Start by writing down your short- and long-term priorities, which may include wealth accumulation, early retirement, travel, starting a family, charitable giving, or major purchases such as a car or home.Make Informed Choices
Your goals will likely call for advanced planning strategies to help achieve them. Here are just a few to consider:Tax allocation of your retirement assets— Consider how much income tax you’ll pay in retirement when choosing where to invest now. Investigate Roth and traditional 401(k) plans and IRAs if you qualify. You may want to consider taxable investments once you’ve maxed out qualified retirement investments.
Charitable giving— When it comes to charitable giving, consider potentially tax-saving strategies such as donor-advised funds or bunching charitable donations into one year for tax purposes.
Insurance strategies— Carrying adequate insurance on your home, car, valuables, and loved ones can provide comfort in knowing your family is protected. Life insurance may also avail you of future tax-free funds for medical care and help facilitate charitable giving.
Do It Your Way
Working together and including tax and legal professionals, we can develop a personalized strategy that addresses all your financial goals and needs. Knowing this aspect of your life is well managed, you can focus your time where it is best spent.GE-6175675.1(12/23)(Exp.12/25)
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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.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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