You’ve done it! You have now completed high school, a technical school program, a bachelor’s degree, or maybe a master’s program. These are major accomplishments that took many years of hard work, and I hope you take time to celebrate this rite of passage into adulthood.
But wait! You’re staying at home with mom and dad, or moving back in? As much as you love your mom’s cooking, your dad’s great jokes, and using the washer and dryer whenever you want, one of the big things about becoming an adult is learning your own independence and being able to make it on your own two feet. Even though your parents love you, chances are they are ready for you to support yourself, too. How do you avoid this common scenario and start off your adult life with financial independence?
One solution is to come and talk to one of us, the advisors at TruStone Wealth Management. Your parents may already work with us, or you might have heard of financial advisors in your Finance 101 class freshman year but allow me to clarify exactly what we do and how we can help you navigate this exciting new stage of your life.
When you hear the word “financial advisor,” you may envision a person wearing a suit and sitting in a stuffy office, calculator in hand, ready to tell you everything you’re doing wrong with your finances or scold you about not saving enough. This is a common misconception among young adults who haven’t worked with a financial advisor before. You also may think that you need to have a lot of money to work with a financial advisor, which is another myth about our profession.
What we actually do as financial advisors is help you use what resources you have now as efficiently as possible, so you can start building your wealth.
The sooneryou start working with a financial advisor, the more time we have to work onyour financial independence.
We willwork with you as you are starting your first full-time job, evaluatingworkplace benefits, discussing gross and net income, saving for emergencies,buying a first-time home, and getting married. Setting goals and priorities isimportant, as there are many conflicting pressures on where to spend yourhard-earned money. As financial planners, we will help you create a financialroadmap that aligns with your values and prioritizes your goals, then guidesyou as you make these decisions throughout your life.
It may be helpful to think of financial planning like hiking. You could head off on the mountain trail by yourself, or you could hire a professional trail guide who knows the map and the terrain. They’re also properly trained to handle precarious situations that could come your way. When navigating the rockiness of the financial world, it offers peace of mind when there’s a professional by your side who always has your back.
Notice how nothing has been said about investing? That’s a big part of what we do, but financial planning is much more than just investments. Rather, a solid financial plan is the whole picture of your financial life, and it is our job to help you figure it out.
You might think it’s easier to lean on mom and dad these first few years out of college, but we want to caution you about this crutch. Paying off your college debt, sending you rent money, or paying your cell phone bills may seem like they’re helping you, but they might actually be enabling you instead. You need to learn to live within your means and work toward the things you need and want.
It maysound scary at first, but there is great pride in accomplishing these thingsfor yourself and if you get too much help, you may never feel thataccomplishment. Of course, there may be times when you truly need financialhelp, and that’s okay, but it’s important not to expect your loved ones torescue you when your financial situation changes unexpectedly.
Yourparents may have said to you in the past, “I just want you to have an easierlife than I did.” Every good parent wants good things for their children, butwe also know we learn some things better by doing, like baby birds when theylearn to fly out of the nest. One of those things is learning how to handle moneyand resources. Let us help you learn how to be financially wise.
Jessica Foss
CFP®, BFA™, CKA®, APMA®
Jessica Foss isa Financial Advisor with TruStone Wealth Management, a private wealth advisory practice of Ameriprise Financial Services, LLC, in Roseau, MN. She specializes in fee-based financial planning and asset management strategies and has been in practice for 13 years.I'm here to help you feel more confident about your financial future.
Learn more about me
Read more articles by Jessica Foss