Retirement is a subject with both good and bad news on how millennials are preparing for it. According to David Giertz, most millennials nowadays are finding new methods to prepare for retirement when they turn 22 which is good news. However, the bad news is that others have the wrong information on how to best use that money they are saving. Therefore David gave some effective tips that millennials can use to plan and make the best decision on what to do with the money they save.
First, David recommends financial health awareness. This tip is important because you get to save and also cover up significant responsibilities such as paying off debts fast including loans, credit cards, college debt among others. David insists that saving at an early age is nice but what is more important is not to live in liabilities.
Secondly, compound interest should be your best friend. For example, a Roth IRA is an incredible option because your money is taxed prior making deposits and can be accessed without tax once you retire. Also, another benefit of Roth IRA is if you start saving early, you can build more compound interests as you keep adding money and you will be impressed with the amount you will have by retirement.
Another tip by David Giertz is coming up with a side gig meaning you come up with a side business that will benefit you financially. David advises on doing something you love to do because you will make time for it. For example an Etsy store, it cannot replace your actual job, but it benefits you when you do it in your leisure time.
Mr. Giertz is an alumnus of the University of Millikin where he graduated with a BS degree. He later joined the University of Miami and graduated with an MBA. He has been a financial advisor for more than three decades which makes him an expert. Giertz has worked for various companies and currently works as a certified business coach at WABC and also at FINRA as an industry arbiter. David Giertz is positive about providing financial solutions form people to live a comfortable life even after retirement.