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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
March/April 2024
Millennials - This is for You
You’ve worked hard to become a high-earning millennial, and to stay there, you continue to do so. Sadly, working long hours may keep you from planning for your financially secure future, but that would be a mistake.
How can you avoid financial mistakes? Recognize that you cannot do it all, so seek professional guidance.
What Not to Do
Unfortunately, some millennials make mistakes that can cause long-term damage to their financial situation. Often, these may include:- Inflating their lifestyle because they assume their high income will always be there.
- Likewise, they do not start investing for retirement and other future goals soon enough.
- Not planning for a rainy day with an emergency fund and adequate insurance coverage.
- They feel they will live forever, so they avoid estate planning.
What Do You Want?
Start by writing down your short- and long-term priorities, which may include wealth accumulation, early retirement, travel, starting a family, charitable giving, or major purchases such as a car or home.Make Informed Choices
Your goals will likely call for advanced planning strategies to help achieve them. Here are just a few to consider:Tax allocation of your retirement assets— Consider how much income tax you’ll pay in retirement when choosing where to invest now. Investigate Roth and traditional 401(k) plans and IRAs if you qualify. You may want to consider taxable investments once you’ve maxed out qualified retirement investments.
Charitable giving— When it comes to charitable giving, consider potentially tax-saving strategies such as donor-advised funds or bunching charitable donations into one year for tax purposes.
Insurance strategies— Carrying adequate insurance on your home, car, valuables, and loved ones can provide comfort in knowing your family is protected. Life insurance may also avail you of future tax-free funds for medical care and help facilitate charitable giving.
Do It Your Way
Working together and including tax and legal professionals, we can develop a personalized strategy that addresses all your financial goals and needs. Knowing this aspect of your life is well managed, you can focus your time where it is best spent.519731
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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