The unique attention to the needs of the young professional is one of Alexandra's specialties. Our educational approach to the often complex discussion surrounding retirement plans, planning for a family, saving for a home, paying off college loans, to name a few, is a breath of fresh air. Whether you fit into the 'Gen X', 'Gen Y', or 'Millennial' age category, starting early and starting smart is key to achieving your short and long range planning goals. Wealth Plus, Inc. shares the views important to young professionals including 'sustainable investments', 'socially responsible investments' and a holistically conscious approach that supports the planet and her people.
What do you feel are the hurdles facing young professionals today?
Managing work and life responsibilities without being overwhelmed and getting caught up in the day to day and not having goals or direction for what you want to create or manifest.
What do you feel are the benefits young professionals should be aware of?
Group benefits through work and their advantages and limitations as well as financial tools for individuals for health insurance, disability insurance, life insurance and retirement accounts.
How important is my career to my financial well being and plans for the future? – our age group tends to jump from job to job.
Each job move should be strategic and made because it improves your life in some way, e.g. increases your income, helps you learn new skills, allows you to expand your experience.
How much of my income should I expect to spend, save and invest?
15% at a minimum. However start with whatever amount you can (see below)
I really want that new cool hybrid, but I also want to start saving for my first home. What do you suggest?
Personally speaking, a car does not go up in value; nor does it give you tax benefits. Buying a home could have both of these benefits.
What do you think about credit cards?
I think that they are a financial tool that must be used and managed carefully. Credit scores largely determine your loan rates so paying your monthly bill on time is critical.
What is the best way to handle my student loans?
Determine whether you can consolidate them and reduce your interest rate. Research whether there are any programs where paying toward your student loans is a benefit, e.g. Americorps, trading, working in low income areas.
Do you have any strategies you think are best for young professionals?
Start saving as early as possible. Even small amounts are beneficial – doing so gets you into the savings habit.