CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Aaron Wolgamott
Financial Advisor
Central Willamette Wealth Management Services
Located at Central Willamette Credit Union
645 Waverly Drive SE, Albany, OR 97322
Phone: 541-918-7553
Email: aaron.wolgamott@lpl.com
November/December 2024
With Time on Your Side
Millennials face challenging financial obstacles, including high student loan debt and difficult entry into an expensive real estate market. But they have one advantage that older generations never have: Time is on their side. If you're a Millennial, consider how you can find the money needed for long-term financial goals even with other financial obligations.
Get Started
We're not saying this will be easy. A record $1.74 trillion in student debt* confronts today's Millennials while rising real estate prices make finding an affordable first home difficult. But it's not impossible to cut out some incidental spending to find perhaps 10% of your income to invest for your future. To find the money, consider cutting larger expenses, shop for a lower mortgage or rent, refinance your student loans, pay off high-interest credit cards or keep your car longer.Next, make that extra 10% part of a disciplined investing strategy. As irritating as these loans may be, avoid paying your low-interest-rate student debt early and consider making better use of any extra money. Consider investing for long-term goals like retirement, which you can easily do by participating in your company 401(k) plan.
Take Advantage
If your employer matches some of your 401(k) plan contributions, take advantage of this benefit many employees don't have. And then take advantage of one thing only people your age have: lots of time. With time on your side, the money you put away for long-term goals can grow exponentially. Check out the compound interest calculator at the Security and Exchange Commission's www.investor.gov to learn how much.Here's one hypothetical example of how your money can grow: Let's say you earn $5,000 per month. You put 10% of your monthly income, or $500, into your 401(k). Your employer matches 3%, adding another $150 monthly. If this $650 per month earns 6% compounded daily over 40 years, the total contribution of your $240,000 and your employer's $72,000 would grow to more than $1.3 million. **
Understand that time means everything in this example because investing the same total over a smaller amount of time will not come close to matching the number previously cited. So, get started today and put something away for the future.
*https://www.federalreserve.gov
**This is a hypothetical example and is not representative of any investment strategies. Actual results may vary.
619424-8
Aaron Wolgamott is a financial advisor with, and 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. Central Willamette Credit Union and Central Willamette Wealth Management Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Central Willamette Wealth Management Services, and may also be employees of Central Willamette Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Central Willamette Credit Union or Central Willamette Wealth Management Services. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.