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Young Professionals

Set yourself up for financial success.

Making smart financial decisions as a young professional is important. When you consider compound interest in your retirement accounts, the earlier you can start investing, the better off you will be in the long run. Investor.gov offers a compound interest calculator that can help you visualize how compounding may impact your finances. As a young professional, you may also be focused on balancing your short-term goals (taking a big trip, buying a new car, reaching your savings goals, etc.) with your future goals (family, retirement, etc.). A financial plan can help you strike a balance between the two, to understand what is realistic and how focusing on one set of goals will influence the other. In addition, working with a Financial Advisor can help you answer questions regarding your employee benefits, income taxes, student loans, budget, and investment strategy.

As a young professional – we can help you:

  • Create a financial plan, including a budget and savings plan 
  • Evaluate how much you can afford to contribute to your 401k and how it should be invested 
  • Determine what additional investments may be beneficial 
  • Prioritize debt – including student loan payments and credit card debt 
  • Establish money saving habits to build your emergency fund and save for your first home 
  • Properly fill out your W-4 to eliminate surprises at tax time 
  • Evaluate financial advice you hear or read about online 
  • Know how much you can afford to put towards your first home and a monthly mortgage payment 
  • Understand how job changes, promotions, or side hustles can affect your financial situation 
  • Take full advantage of your employee benefits  
  • Identify a financial roadmap to achieve your long-term goals 

Develop a financial game plan.

Understand how to make the most of your financial situation for the present and your future.

Meet with an AdvisorLearn About our Financial Planning Services

Questions Often Asked by Young Professionals

How much of my income should be allotted to savings and investments?

The answer to this question varies depending on your financial situation. 15% is typically a good starting point. In some instances, your income may allow for a greater amount. We recommend working with an advisor to determine how much you can safely save and how much to allocate towards investments.  

When it comes to an emergency fund - how much should I keep saved?

Family members, high-debt, monthly bills, etc. can all affect how much you should keep in your emergency fund. In general, working towards having at least 3-6 months of expenses in your emergency fund is beneficial. In some situations, we may recommend having more  

Am I getting the most out of my employer benefits?

Without evaluating your employee benefits with you, it is difficult to determine if you are taking advantage of what is offered. This is because every employer offers a different benefit plan. A few of our most common pieces of advice include:  

  • Sign-up for your company’s 401k plan as soon as you are eligible and max out your employer match on your 401k. This is free money that compounds as time progresses, so ensuring you are taking advantage of the full match is a smart financial decision. 
  • While HSAs and FSAs operate a bit differently, taking advantage of these tax-free accounts can help you save money on medical expenses 
  • If your employer offers a stock-plan, ensure you are opted-in 
  • If your employer offers benefits such as tuition reimbursement, gym membership reimbursement, etc. – are you taking advantage of these benefits (if desired) and submitting the applicable paperwork for reimbursement? 
  • Do you know if your PTO and sick leave will pay out if you were to leave your job, or would you simply lose any unused leave? You may want to evaluate this prior to changing jobs to understand how to best utilize this time.  

Avoid costly mistakes.

Work with your financial advisor on big financial decisions to understand their impact on your financial situationa and avoid costly mistakes.

Meet with an AdvisorLearn About our Financial Planning Services

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