Young people are often told information about financial planning that doesn’t resonate or motivate anyone under the age of 30 to consult a financial planner. We believe there are both scientific and behavioral reasons for this event, which we explain in our podcast.
Auburn Hills, Michigan (PRWEB)
June 8, 2023
Lou Melone of CFP®, Managing Member of Melone Private Wealth, Branden Carney CFP®, Wealth Planner of Melone Private Wealth, and renowned podcast host Jon Gay present a new episode of the podcast, “Unpack Your Financial Baggage.” It has started. This episode discusses his financial planning for people under the age of 30. Topics included why young people do not have financial plans, obstacles they face in saving, reluctance to think about retirement, and how the financial planning industry can reach younger generations. increase.
Anyone under the age of 30 faces thousands of small financial decisions. Working with a financial planner as a coach and developing a financial plan can give young people the confidence and tools to make the right choices.
Learning a trade, getting a job, going to college, buying kids, buying a car, getting married, possibly buying a new house, the only consistent thing in my 12 years or so is spending a lot of money. or just be prepared to spend a lot of money. money. These expenses are often unexpected in their size and timing.
Branden, John, and Lou discuss these challenges, financial planning roadblocks, and why people under 30 are reluctant to talk about retirement.
A podcast reviews behavioral investments and scientific reasons not to start a retirement plan. Reasons discussed include the relationship between youth and time, how financial companies present information on social media, which is an important source of information for people under 30, and functional magnetic resonance imaging (fMRI). It includes how the study, among other scientific studies, provides insight into youth behavior. I will study.
“Young entrepreneurs get so caught up in running their businesses that they often forget to consult with their financial planner to discuss retirement. Social media is an important source of information for people under 30. However, most financial planning information is written for a much older audience,” said CFP®’s Branden Carney.
Lou, Branden, and John discuss how often the magic number of $1 million is mentioned in financial media and 401K presentations, and how it has little to do with actual financial planning. We also look at the fundamentals of behavioral investing, which explains why many people under the age of 30 do not have a financial plan or a financial planner.
“Young people often hear information about financial planning that doesn’t resonate or motivate anyone under the age of 30 to consult a financial planner. , we believe there are both scientific and behavioral reasons for this happening, which we discuss on our podcast. It’s about explaining how people can start planning for retirement,” said CFP®’s Lou Melone.
In our next podcast, we’ll be reviewing actual financial planning horror stories.
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About Melone Private Wealth
Clients trust Melone Private Wealth financial planners to provide peace of mind while protecting and growing their wealth.
Melone Private Wealth financial planners provide comprehensive financial planning strategies to help wealthy families protect, maintain and grow their current wealth levels and plan for retirement.
The team at Melone Private Wealth is focused on answering two key questions most investors want. Do you know exactly how much it will cost you to retire? Do you know how much it will cost you to live comfortably in retirement?
About the podcast
Lou Melone CFP® and RJ King created the podcast “Unpack Your Financial Baggage”. The podcast’s focus is on: After retirement, your entire financial life basically boils down to his two questions in one. “Will money outlive you or will it outlive you?” Episode 5 features John Gay as a guest host.
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