Millennials are a generation of goal setters. From side hustles to passion projects to building our own empires, we’re rock stars at trying to fulfill all of our dreams at once. We’re always considering our future selves and deciphering what we need to do in order to get there.
So why should we treat our finances any differently? Why not start acting today to help us reach our goals for the future? Advisors can essentially create a financial vision board for you, laying out the roadmap for your future self. Whether you’re thinking about retirement, your first home, or a car… you don’t want to deal with the FOMO when you realize how much you could have already saved.
These questions and more were intently discussed at the recent #RBCandMe retreat. Millennials from all financially literate walks of life joined together at North Ridge Inn for a weekend of honest talks about retirement and investments. For example, what is an IRP and how can they help you?
An advisor can help you take stock of your current situation, and from there can help you build a plan for where Future You would like to be financially. No matter your level of education on investing or finance, they’ll be able to lay out the steps for you to get where to where you’re aiming. They can help you decide if you’re a better candidate low, medium or higher risk growth portfolios.
Many of us have someone we look up to as a money mentor. For panelists at the #RBCandMe retreat, mentors included grandparents, parents, older siblings, and financial advisors. They’ve provided knowledge and advice to help you get on the right track. With current innovations in technology, there are now more ways than ever to get started. Many of these options are available online, such as robo-advisors bringing portfolio managers to the masses. Your future is in your hands with just a few clicks. With the combination of your mentors and an advisor, your financial future could be clearer than ever.
If you’re planning on saving your money for retirement, why not make it work for you in the meantime? If your fear is getting the best of you, you may want to opt for a more conservative portfolio but you shouldn’t let it stop you from investing at all.
One of our panelists, explained to us the story of how she got started. Her older sister was investing in index funds, so she decided to do the same. As she learned more, she figured out which types of investments she actually preferred, and started branching out on her own. Her main regret was not starting sooner. Actually, every one of our panelists mentioned wishing they’d started sooner or being glad they started as early as they did.
As an audience member and someone new to investing, it was eye opening to see what I’ve been missing out on. Sure, saving my money in a TFSA is great, but I could be doing so much more! The main reason I haven’t started until now was all fear based. I was afraid of making the wrong decisions, and even more afraid of not being a perfect investor right from the first moment I jumped in. However, now the fear of missing out is outweighing the fear of “what if?”
One of the things I’ve heard repeated the most — both in our panels and whenever I ask questions about investing — is that “the best time to start investing was yesterday, but the second best time is today”.
So what are you waiting for? Click here to find out how you can get started today.
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.