Mastering Your Finances: Tips for Young Adults with Carrie Mangan (Ep. 21)
Navigating personal finances after college can be challenging for many young individuals who lack proper guidance on savings, investments, and managing their 401(k)s.
What are some goals and rules they should follow for the long-term?
In this episode, Nicole Romito sits down with Carrie Mangan, advisor at Private Vista, to talk about the topic of building healthy financial habits for young adults just starting out in their careers. Carrie shares her expertise and experience to educate them on the importance of starting to save and invest early, maximizing employer contributions to a 401(k), and diversifying retirement savings across different types of accounts.
Additionally, Carrie discusses the importance of having an emergency fund and tracking net worth to be prepared for adverse situations and make better financial decisions.
Carrie discusses:
- Her background as a teacher and professional in the financial industry
- The basics of 401k contributions, including contribution levels, employer matching, and the benefits of pre-tax deductions
- The importance of understanding how much of your 401(k) balance is vested before leaving a job
- Target date funds and how it provides diversified and professionally managed investment options
- Three important rules of thumb for investing
- The importance of building an emergency fund
- The rule of thumb for housing costs
- Reasons why it’s beneficial to track your net worth annually
- How much to allocate to savings
- And more!
Resources:
- Email at info@myprivatevista.com to get tools that can help you track your net worth and your cash flows
Connect with Nicole Romito:
- LinkedIn: Nicole Romito
- nromito@myprivatevista.com
- MyPrivateVista.com
- info@myprivatevista.com
- Call: 312-831-4370
Connect with Carrie Mangan:
About our Guest:
Carrie Mangan is an advisor at Private Vista LLC. Her previous work as a high school teacher emphasized how important it is to build strong relationships as the cornerstone of one’s career. That same principle guides her work as an advisor, where she is able to continue helping people solve problems and make empowered decisions about their futures. Carrie sees her role as a trusted and empathetic source of financial education, and she enjoys working with clients to build up their knowledge and understanding of their options.
Podcast: Play in new window | Download | Embed