Financial Planning for Millennials

by Jonathan G. Cameron, CFP®

As a Millennial, you are in a unique position to start strong when it comes to your money. Financial planning for millennials looks very different than planning done for Baby Boomers, and requires special attention.

Top 3 Financial Priorities for Millennials

• How do I pay down my student loans?
• When do I begin saving for the future?
• What is the best way prepare to buy a first home?

In a nutshell, these 3 are the heart of financial planning for Millennials.

Who Does Financial Planning for Millennials?

Not many financial planners take on younger clients because millennials rarely meet advisor’s investment asset minimums. In other words, who wants to work with a Millennial with no money? While this may be true in most cases, their are financial planners who specialize in helping Millennials manage their money. Look for advice-focused, CERTIFIED FINANCIAL PLANNER™ professionals who focus on debt payoff strategies, wealth building rather than wealth preservation, and preparing a client for a future home purchase.  

Whom to Trust?

The issue here is obtaining advice that is in your best interests, without a conflict of interest.  I'd submit to you that someone who is commission-based gives financial advice, that advice will most likely support the sale of his product.  In other words, if all I have to sell is hammers, then all the world's problems look like nails. 

The term here is conflict of interest.  If I am compensated only by commissions, then I have a conflict of interest with the client - our interests diverge.  But if instead the client pays me for my time and expertise, then there is no conflict of interest - our interests are completely aligned.  

Where do I Search?  

You can do a search here.  This is the planner search function at the CFP Board website.  
The CFP® professionals at CameronDowning also work with Millennials. We are compensated by a fee for this work - and our fee schedule is fully disclosed on our website. 

Get Going!

Once you’ve prioritized goals and addressed concerns with a CERTIFIED FINANCIAL PLANNER™ professional, it’s time to make a plan and begin implementation.  Every journey begins with the first step.  It may be months or years even before your emergency fund is in place.  Same with repaying your student loans.  But once the plan is in place, you can rest easily knowing that everything that needs to be addressed has been addressed.  

Get in touch! 

Questions? Do the three financial priorities listed above describe you? If yes, do something now to get your personal finances in order. Check out Jonathan's piece on Investing for Millennials.  Feel free to get in touch with us at [email protected] Also follow us LinkedIn, Facebook, Instagram, and YouTube for more personal financial information relevant to you!