Growing up, my parents managed their money through a checking and savings account at the bank. There was not a lot of choice beyond the bank for the average family, but that was all they knew or take advantage of in most cases. Today, things are very different. You can manage your money much better than your parents did. Here are a few steps how:
Diversify your investments:
Again, the bank was king. Depositing money in a CD was about as risky as many of our parents would get. You have a huge choice between open-end mutual funds, ETF’s (Exchange Traded Funds), and stocks to name a few. Just make sure that you are truly diversified as to they type of investments you have. I have seen accounts with a huge number of holdings but everything was a Large Cap US stock fund.
Plan for a long retirement:
Most everyone is living longer today. Lifestyle and science have done a lot to extend the average life expectancy. My clients’ plan for 30 years or more in retirement – that’s much longer than our parents planned to experience.
Put your financial wellbeing first:
Many of our parents put our education before their own retirement savings. Today, there are many different grants, loans, and scholarships available to students. Your kids can find ways to pay for their education, and you can help, but not to the detriment of your own retirement savings. Do you want to live with your kids in your retirement because you did not save for yourself? Most of my clients do not.
Learn about the financial world:
In many families, talking about money is taboo. If this holds true for you, there is a lot of information available online. Budgeting is key, as well as paying yourself first. Take some time to learn about money.

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