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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

September/October 2021

Millennials: Shore Up Your Finances

Young African American husband and wife sit at desk talk with female real estate agent discuss buying house together, biracial couple meet with designer architect or broker consult in modern office

Millennials tend to fall behind their parents’ generation when it comes to accumulating wealth. The Great Recession, student-loan debt and wariness about investing in stocks are some of the reasons. The good news is that millennials still have time to play catch-up. Here are some moves that can help millennials get their finances to a better place.


Break Up with Your Student Loans
Those student loans paid for your education and got you started in your career, but you don’t have to stay pals forever. Setting up an automatic payment plan to reduce or eliminate the amount you owe can free income for other things — like saving for retirement.

Keep in mind that interest on student loans is often relatively low and may be deductible on your income tax return. If you have high-interest credit card debt, paying it off while still making the required payments on your student loans is a smart move.


Be Prepared with an Emergency Fund
Your goal should be to save at least six months’ worth of living expenses in case of job loss or unexpected repairs.


Say Yes to an Employer Match
If your employer offers a 401(k) or similar retirement plan and matches your contributions up to a certain percentage of pay, consider contributing the amount needed to receive the full employer match. It’s like getting a bonus.

Put Your Stock in Stocks
Steep declines in stock prices during the Great Recession may make millennials reluctant to hold equity investments. But stocks historically offered the best chance for earning returns that outpace inflation. Keep in mind that past performance does not guarantee future results and stocks do not guarantee positive returns, but historically have performed well. Consult your financial professional for more information and help with building your investment portfolio.

Match Savings to Your Goals
Tailor your savings to each goal that you have. For example, consider these ideas:
  • Set aside money for retirement in your employer’s 401(k) plan and/or in a traditional or Roth individual retirement account.

  • Contribute to a tax-advantaged 529 plan for your children’s future higher education costs


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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