Gabe Fenton, Boulder, CO, is proud to use his experience as a financial professional to help young people get started off on the right foot in terms of their finances. His areas of expertise include estate planning, retirement, stock options, and alternative investments, but Fenton knows how important a strong financial portfolio is for a young professional.
Gabe Fenton encourages young people who are just beginning their careers to learn the basics about the world of finance. Even if a person’s job has little to nothing to do with finances, understanding a few basic concepts will help them to make wise decisions that will pay off in the future. This includes learning how to set and maintain a budget. Unfortunately, many young people go off the rails as soon as they start getting paychecks. They are not used to seeing a steady stream of money flow into their bank account, so they quickly spend this money before they can begin to start any real type of savings account.
“For a young person, getting a paycheck is exciting, but it is important to handle this income in a smart and responsible way. While it may feel tempting to take money and buy an expensive electronic gadget or purse, doing so will ultimately put a person behind. Even just a few major purchases are enough to make it hard for a person to get ahead in terms of their finances,” explains Gabe Fenton, Boulder, CO.
The habits that a person takes up as soon as they begin to earn money are usually the habits that they will keep up throughout the rest of their life. For this reason, it is important to start off strong and to save a significant amount of money each pay period. It is much harder to crawl out of a deficit than it is to continue building wealth once a small nest egg has been established, notes Gabe Fenton.
Speaking of saving, creating a savings account early on is an important part of being financially responsible. This includes starting a 401(k) or other type of retirement plan as soon as the option is available. Though it may seem crazy to begin saving for retirement after just beginning a career, the saving that a young professional does in their 20s and 30s can make up a large portion of their retirement funds. It also makes it much easier to retire when the individual has a 10 or 20-year head start on the process.
“I always tell my clients to have their children start saving for retirement as soon as they have the option. Though it is years away, when a person does not start early it sneaks up quickly and can make retiring at a desirable age nearly impossible. In order to live comfortably down the road, a person must plan for their future now,” states Gabe Fenton, Boulder, CO.
Gabe Fenton, Boulder, CO, Explains the Importance of Understanding Credit
Gabe Fenton, Boulder, CO, explains that credit cards can get a young person in trouble very quickly. Though it may seem like free money, credit cards are actually a major responsibility. Failure to use them wisely can quickly leave a young professional in a significant amount of debt. Over time, this debt may become insurmountable, causing a series of problems for that person.
“When it is used properly, credit is a helpful thing. However, it is also a burden and an individual needs to know how to manage it properly. A credit card is not to be used to purchase things that you wouldn’t otherwise be able to afford. It’s about showing banks that you are responsible, and helping you to develop a strong financial portfolio. While it is a good idea for a young professional to have a credit card, they should take this responsibility seriously and must not abuse the privilege. Even a few missteps done early on in the ownership process can leave lasting effects,” explains Gabe Fenton.
In order to achieve and maintain optimal financial health, Gabe Fenton, Boulder, CO, encourages young credit card holders to understand best practices for managing credit. Parents should also provide guidance whenever possible. Helping young people to get used to having a credit card available to them can ensure that they do not go overboard with spending. Moms and dads should chat with their young professional about maintaining healthy debt levels and learning how to pay bills off regularly.
A young person should also heavily guard their financial information. Gabe Fenton, Boulder, CO, explains that young people often fall victim to scams and other situations as a result of carelessness with their personal financial details. Whether this means giving an account number to a friend or making a purchase from a shady site online, one or two bad decisions can end up seriously impacting a person’s future.
“People need to understand exactly how valuable their financial information is. This includes bank account numbers, social security numbers, and debit and credit card numbers. These details should not be shared with just anyone. If you get an e-mail from a company asking for these details, do not respond and alert the proper authorities. A legitimate company or service provider will not ask for these details without warning and without cause. Unfortunately, scammers are everywhere. It is your own job to keep yourself safe and avoid falling victim to these scams,” states Gabe Fenton, Boulder, CO.
Gabe Fenton, Boulder, CO, is proud to offer his clients outstanding financial and investment advice that works to meet their needs. He has strong knowledge in a variety of areas, including estate planning, retirement, stock options, concentrated equity positions, and alternative investments. Fenton is a well-educated individual who graduated from the University of Massachusetts in Amherst in 1991. From there, he went on to hold a number of prestigious positions in the financial field. This includes working for John Hancock Insurance, Wells Fargo, Smith Barney, UBS, Wedbush Morgan Securities, Coor Capital, and Bernstein Wealth Management. In addition to this experience, Fenton is also the author of a book called Employee Stock Options: A Strategic Planning Guide for the 21st Century Optionaire.
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