Financial Tips for Young Families
Aug 21, 2020
The hardest part is getting started. Even though more than half of U.S. households have some form of investment in the stock market, many new parents may still find that creating a financial strategy is the last thing on their minds. And who can blame them? After all, new parents have a million concerns to keep in mind on top of any unexpected financial pressure that may arise. A few financial tips here and there can help set the basis for your future. Thus, for young families with discretionary income, creating a financial strategy may be easier than they realize.1
Remember that investing involves risk, and the return and principal value of investments will fluctuate as market conditions change. Investment opportunities should take into consideration your goals, time horizon, and risk tolerance. When sold, investments may be worth more or less than their original cost. Past performance does not guarantee future results. Continue on to read up on financial tips that can help your budding family.
What’s your end goal? What expenses do you anticipate in 5, 10, or even 15 years from now? These can be tough questions to answer while raising a family.
Establishing your investments’ goal or goals is one of the many ways your financial professional can help. Before your first meeting, jot down all the financial questions you can think of – no matter how silly they may seem to you. These answers can help define your family’s short-term and long-range financial goals.
Once you start, try not to stop. If you have already started investing, congratulations may be in order! In getting an early start, you have taken advantage of a powerful financial asset: time. However, don’t overlook the power of consistency. For some, consistent investing may be the most realistic pathway to pursuing their financial goals.
For those who haven’t started, that’s okay too. Remember, it doesn’t always take a lump sum to begin. Even auto-depositing $100 a month into an account is a step toward your family’s goals. And who knows? As your family’s circumstances change, you may be able to contribute even more over time.
There is no “one way.” The point is that there isn’t a single, one-size-fits-all solution for young families that are looking to invest in their future. Financial professionals also know this and can help craft a strategy suited to your risk tolerance, goals, and financial situation.
Tags: financial advisor, Financial Planning, Personal Finance
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