How We Help Millennials and Gen Z Manage Their Money and Pursue Their Financial Goals

By Elliot Palabe

While working with a financial advisor is typically associated with retirement issues, young professionals early in their careers can gain a tremendous amount of value from working with a comprehensive financial planning team.  

At Palabe Wealth, we focus on helping our clients uncover their financial and lifestyle goals so they align their money with what’s important to them, regardless of the stage of life they’re in. This is especially important for young professionals who have a unique set of challenges and opportunities to build wealth.

Here are six ways we can help Millennials and Gen Z manage their money and pursue their financial goals:

Create an Investment Strategy Tailored for Specific Goals

Creating an investment strategy is not “one size fits all.” The type of investment strategy we choose for our clients depends on their risk tolerance as well as the specific goal we’re aiming to achieve. For instance, if they want to buy a home in five years, our investment strategy will be quite different than if we were investing for retirement 30 years from now. Before we make specific recommendations, we get to know our clients deeply, understanding their values and goals before investing.

Develop Loan Payoff Plan

If you’re under 40, odds are that you have some type of debt. It might be credit cards, student loans, a car loan, a mortgage, or something else. Regardless of the type, we can help you determine what’s the best strategy for paying it down. For some debts, it might make sense to pay them off as soon as possible, whereas with others, especially student loans, it requires more due diligence in terms of your options.    

Answer Financial and Investment Questions

No one starts out as an expert. Just like you wouldn’t go to the gym for the very first time and expect to know how to do everything properly, you can’t expect to know everything about investments the first time you dive into it. Our job as financial advisors is to be like a personal trainer, giving you guidance on what we need to do with your investments, and how it needs to be done. We are always available to our clients to answer their financial and investment questions as they come up.

Perform a Yearly Investment Review With Ongoing Monitoring

Throughout the year, we regularly monitor our clients’ accounts, ensuring their investments align with their financial goals. On an annual basis, we thoroughly review the investments we have selected to ensure they are still the best investment opportunities. If they aren’t, we make changes as necessary.

Convenient Subscription Fee

One of the myths of financial planning is that you need to have a lot of money saved up to work with a financial advisor. That’s not the case at our firm. We’ve structured our services and fees to young professionals so they’re accessible to people who are just getting started in their financial lives, and it’s implemented in a way familiar to them with a subscription-based fee.

Provide Guidance and Confidence 

One of the most important roles a financial advisor can play is to provide financial guidance and confidence. There is simply no replacement for knowing that you have clear goals, a plan of action to follow, and support to help you get there.

Start Building Wealth

If you’re a Millennial or Gen Z looking to take the next step in your financial life, we would love to chat with you and see if we can help. You can schedule a no-obligation 15-minute introductory phone call or call us at 847-249-6600 today.

About Elliot

Elliot Palabe is a Wealth Advisor at Palabe Wealth, a financial services firm providing retirement plan solutions for businesses and individuals. Elliot is pivotal in crafting the firm’s brand to best communicate the valuable services they provide for their clients. He helps the Palabe team design individual retirement plans and structure and manage 401(k) plans. He is also passionate about helping the Millennial/Gen Z generation with financial planning and wealth creation. Elliot has a bachelor’s degree in finance from the Foster College of Business at Bradley University and currently holds the Series 6, 63, SIE, and 65. To learn more about Elliot, connect with him on LinkedIn.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This material was prepared for Palabe Wealth Inc.’s use.