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High School Grads and Money Skills

high school grads and money skillsWhat do you wish you were taught in high school about money and finances? When it comes to high school grads and money skills, what do you believe is important for today’s teens to learn?

A new poll from the National Endowment for Financial Education® (NEFE) sheds light on what U.S. adults believe are key topics that should be taught in schools.

About 88 percent said their state should require a semester- or year-long financial education course for graduation;  and 80 percent said they wish they had been required to take such a course in high school. Roughly 75 percent said spending and budgeting is the most important financial education topic to teach, followed by managing credit (55 percent), saving (49 percent), and earning income (47 percent).

“Americans overwhelmingly recognize the importance of learning money skills at an early age and this poll reinforces there is demonstrated national support for personal finance to be a part of learning in all schools,” said Billy Hensley, president and CEO of NEFE.

If you’d like to offer a recent graduate in your life a boost in their personal finance education, your financial planner is happy to help. Talk to your advisor about high school grads and money skills.

By |2022-06-06T15:34:56-07:00June 8th, 2022|Current Affairs|

Adulting Checklist

College graduates everywhere are celebrating their achievements and embarking on their next journey. Now is the time to think about financial planning. The earlier one starts, the greater the odds for success now and in the future. The following adulting checklist can help.

adulting checklistBegin by creating a budget.

Understanding how much money you earn, how much you spend, and most importantly, where you spend, is critical.  Gather your financial statements and create a list of monthly income, fixed expenses (i.e., rent, debt payments), and variable expenses (i.e., food, gas, entertainment).

Next, divide your income into three categories. A good starting point is 70 percent for living expenses/debt, 10 percent for fun/gifts, and 20 percent for saving/investing. Don’t spend more than you earn.

It’s a good idea to review your budget monthly to ensure you’re on track or to make adjustments as needed.

Key Budget Elements

Be sure to incorporate the following steps into your budget and financial plan:

  • Start saving. Automatic saving of your paychecks with direct deposit is easy and effective. Most employers will allow you to split up direct deposits, so you can save percentages to your checking account, savings account, and a retirement plan.
  • Build an emergency fund. Having cash on hand for unexpected expenses (i.e., car repairs, veterinary bills) builds financial stability and reduces anxiety.
  • Buy disability insurance. Your biggest asset as a young person is your ability to earn an income. Protect that earning potential with disability insurance, which helps cover your bills if you experience a major physical or mental health event and can’t work.
  • Eliminate debt. Student loans, car payments, credit cards – most people accumulate debt at some point. The sooner you can eliminate that debt and begin paying expenses with income cash and savings, the sooner you’ll build a strong financial foundation for the future.

Finally, you’re never too young to work with a financial planner. Whether you just want help getting started or want more in-depth guidance, the Perspective team can help.

To learn more, watch our 2-minute video on the Six Elements of Financial Planning.

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By |2022-06-06T15:36:05-07:00May 23rd, 2022|Financial Planning|

Life with Perspective

This is life with Perspective. The Scottsdale Plaza Resort provided a beautiful setting for our new company photos. The resort gave us a day rate on a room, which allowed us a private place to change outfits and cool off in the air conditioning. Photographer Jose Cureno did a great job of bringing our team together. It was a fun morning, topped off with a delicious lunch at JD’s Restaurant on site.

These are some cell phone shots from the day. Keep an eye out for the official Perspective team photos coming soon. Huge thanks to all who helped make this a great experience.

Life with Perspective is Sweet

  • Life with Perspective
  • Life with Perspective
  • Life with Perspective
  • Life with Perspective
By |2022-04-20T09:08:28-07:00April 25th, 2022|Advisors|

Americans Remain Committed to Retirement Saving

Americans remain committed to retirement savingDefined contribution (DC) plan participants’ contribution activity remained strong in 2021, according to an ongoing Investment Company Institute (ICI) study. ICI tracks contributions, withdrawals, and other activity in 401(k) and other retirement plans, based on data covering more than 30 million accounts in employer-based DC plans. The latest data indicate that Americans remain committed to retirement saving and investing. Only 1.2 percent stopped contributing to their plans in the first three quarters of 2021, compared with 2.2 percent in the first three quarters of 2020, and 5.0 percent in the first three quarters of 2009 (another time of financial market stress).

“Despite the economic hardships brought on by the lingering pandemic, the long-term mindset of retirement savers continues to serve them well,” said Sarah Holden, ICI senior director of retirement and investor research. ICI has been tracking DC plan participant activity through recordkeeper surveys since 2008.

Americans Remain Committed to Retirement Saving

Read about how early and consisting investing in your employer 401k can help you win the retirement race.

By |2022-03-11T09:54:11-07:00March 14th, 2022|Current Affairs, Retirement|