Planning for Millennials your future self will thank you Why do Millennials struggle to save for retirement? Millennials' monthly income is pulled in many different directions. Student debt and new technology expenses to name a few. Wage stagnation is also an issue. Concentrating on saving money for retirement is difficult, especially since it seems so far away. But the dollars you save early on in your career end up being the most valuable when you reach retirement. In today's fast paced world it is easy to become frozen with information overload. Employer plans are now using auto-enroll, which is also creating a lack of access to human financial advice. At Shariden Consulting and Wealth Management, we leverage technology to efficiently provide advice for individuals of all stages of life and levels of wealth. Having access to our virtual investment advice platform and financial coaching will inspire, empower and motivate you to accumulate and grow your wealth. Let Us Guide You Start Small, Build Big! Self-enrollment into our Guided Wealth Portfolios is convenient, so you can quickly get started accumulating your wealth. You will gain access to a suite of educational tools and human advice from a financial professional that cares about your success! Start Investing In Your Future Now! Small Leaks Sink Ships Pay Attention to the little expenses. Think about the services you pay someone else to do for you that you could do for yourself. Make and pour your own coffee, pack a lunch, give yourself a manicure and pedicure. When you make a conscious effort to skip these "extras", reward yourself by transferring the amount you would have spent into a savings account. Skipping the $6.00 cup of Starbucks 5 days a week could equate to over $1,500 savings at years end. Once you see how your savings account grows you will get addicted to saving! Pay Yourself First Make your future your most important monthly bill. You must begin saving at least 10% toward retirement starting day one of your working career. You can do this through payroll deduction at work or from your bank account to a Traditional or Roth IRA on a monthly basis. If you are not contributing to your retirement each year, what do you have to show for all your hard work? A pile of receipts and meaningless stuff! Saving for retirement is not a choice. You must take care of yourself because no one else is going to. Don't be fooled by the Bank Factor in your savings goals before determining mortgage affordability. When making the largest purchase of your lifetime, your home, you need to be conscious of what you can afford. You must factor retirement savings into your budget. The Mortgage Company will not take this into consideration when calculating how much house you can afford. Your home will most likely be the largest purchase you will make. It's imperative your payment is affordable with continuing to meet your savings and debt pay down goals. Don't allow your loan to strap you for years and put you behind on your retirement savings. Start Hustling Increase your income with a "side gig" The monthly cost of living versus income can be so close Millennials feel there is no room for saving. There are expenses today that did not exist 10 years ago: TV, music, phone, computer, membership fees and higher student debt. With little room for cutting back, you may need to find a way to increase your income. Consider: Find a product you love and start selling it. If you can, do side consulting work in your field. Consider furthering your education and skill level to increase your pay. Guided Wealth Portfolios (GWP) is a centrally managed, algorithm-based, investment program sponsored by LPL Financial LLC (LPL). GWP uses proprietary, automated, computer algorithms of FutureAdvisor to generate investment recommendations based upon model portfolios constructed by LPL. FutureAdvisor and LPL are nonaffiliated entities.