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Young adults can benefit from a focused discussion of the benefits of financial freedom. While the specifics may vary on an individual level, the high level focus should include the following benefits: choice, lifestyle, security, emotional well-being, ability to help others, and time to focus on their personal passion. Real success begins with identifying what is important, and then setting goals and steps for success.
Three simple steps can set young adults on the path towards financial freedom:
- Save early
- Beware of the real cost of credit cards
- Maintain a spending plan
For many people, they have spent a lifetime of hard work to accumulate what they have, and they need to be aware of how to protect their financial interests. Everyone also needs to aware of financial abuse, which largely seems to go unreported. Insight for the greatest generation and baby boomers is important because they have worked hard to get where they are today, and they may not be aware of the resources available to them at a federal level such as social security, Medicare, Medicaid, Low Income Home Energy Assistance Program (LIHEAP), SNAP program, Senior Community Service Employment Program (SCSEP), or Senior Health Insurance Assistance Program (SHIP). Programs may also be available on a state and local level.
|Regardless, awareness is important in recognizing three kinds of abuse:
|Financial threats, especially to elders, can include:
|Aggressive lending practices
|Biased financial tips
|Exploitation by family or friends
|Mortgages or reverse mortgages
Please Note: this material is provided for informational purposes only and is not intended as legal advice. Please consult with your firm’s Legal and Compliance Department and your firm’s policies and procedures, for further guidance related to any specific scenario you may have.