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Avraham "AY" Rappaport, CLTC
President, Financial Professional
Yaniv "Jay" Natanov
President, Financial Planner
Eli Rappaport
Vice President, Financial Planner
Shlomo Rosenstein
Financial Professional
Ozzie Marizan
Financial Planner
Joseph Greer
Employee Benefits Administrator
Dylan Pinsky
Client Relations Manager
Premier Financial
6395 Dobbin Road, Suite 102
Columbia, MD 21045
Phone: 240-309-6001
Email: dylan.pinsky@prudential.com
Website: premierfinancial1.com
March/April 2023
Financial Savvy Young Professionals
You worked hard to begin your professional career. While higher education prepared you for this path, you may struggle managing a significant income for the first time. Managing your money consciously can help you avoid costly mistakes as you begin building a financially secure future. Consider the following to help you manage your money:
Avoid Lifestyle Creep
If buying an expensive new vehicle is your first impulse, fight it. Even an impressive salary is finite, and your take-home pay will be less than your gross income. Live within your means to avoid lifestyle creep – that’s when the more you earn, the more you spend – and you’ll build a secure future that may include future lifestyle purchases like this.Resist Instant Gratification
Credit is among the most important areas to manage if you are to avoid lifestyle creep. Credit enables impulse buying of “wants” instead of “needs”. The problem is that high interest rates and making minimum payments can have you paying multiples of your purchase price over time. The solution? Don’t charge more than you can pay in full each month.Compare Financial Alternatives
Paying off your credit card balance each month doesn’t mean you have to live a credit-free life. If you have student or car loans that are near a 0% interest rate, consider putting extra money in a company retirement plan instead of paying the loans in full.Know Your Benefits
Employee benefits like a company 401(k) plan, health insurance and other group insurance benefits may cost less in your workplace than out of it. Learn about your benefits and take advantage of them.Work with Professionals
You worked hard to learn your craft, so, it makes sense to team up with financial and tax professionals who worked long and hard to learn theirs. Trusted professionals can work with you to create a financial plan that addresses all your personal and business financial needs, based on your current situation and goals. Side benefits are you’ll free up some of your time while sidestepping lifestyle creep and building a more secure financial future as your income and assets potentially increase over time.1065517-00001-00
Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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