They say father knows best. In honor of Father’s Day, we’ve asked our on-staff dads to share their best money advice for kids of all ages.
Tyler, our newest dad and the manager of our Tax Department, says that you should be sure to have an emergency fund. Having money set aside for a rainy day can help you out if you have an emergency or unexpected expense. It is recommended to keep at least 3-6 months’ worth of your expenses tucked aside, but if that seems impossible, start small. Even $500-$1000 can really save you in a pinch. Once you’ve saved your $500, try to double it, then double it again. Before you know it, you will have a good amount of money to fall back on.
Adam, the head of our Business Consulting Team, says that money doesn’t grow on trees. It does, however, grow in other places. If you want to have wealth, you need to be smart about how you spend your money and create a plan to grow your wealth. Whether it is a personal financial plan to help you save for the long term, or a business plan to help your business succeed, it’s important to get a plan down on paper and execute it.
Warren, COO and Investment Advisor Representative gives the advice that as soon as you can afford to invest, you should do so. If you have a retirement plan at work, you may be eligible to receive a matching contribution from your employer. Even a small amount of money saved on a regular basis can really add up over your working years. The money you save as a young person has the most opportunity to compound overtime. People who invest younger, typically have a larger nest egg than those who wait until later to invest.
Nick, of our Investment Advisory team encourages you to spend less than you make. Pay yourself first and don’t succumb to the pressure to buy the latest and greatest cars, electronics and other material things. Society puts a lot of pressure on people to be consumers and spend money on things that are not necessary. These pressures can lead people to live outside their means and accumulate crippling debt.
Last, but not least, Shay, head of our trading department, reminds you that money isn’t everything. Just because you have a full bank account or lots of material things doesn’t mean you are happy. Some of the best things in life can’t be bought at all. Cherish your time with family and friends and focus on creating meaningful memories instead of worrying about what you have or don’t have.
On behalf of the staff at AMG, we wish dads everywhere a Happy Father’s Day! Make the most of your special day.
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Rebecca AgamaiteInvestment Advisor Representative Rebecca joined the firm in 2011 as an Investment Advisor Representative. In this role, she works with clients to manage their investment assets and help them obtain their financial objectives. Rebecca brings a great deal of experience to the team having worked for several years at Marshall & IIsley Bank and MetLife. She earned a Masters of Business Administration degree (with an emphasis on finance) from Concordia University. |
Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin. Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security. Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses. Please do not send orders via e-mail as they are not binding and cannot be acted upon. Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation. This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services. Any subsequent, direct communication by AMG with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.
