Millennials are now embracing the importance of saving for their retirement. David Giertz is a visionary leader with an experience of more than 30 years in the financial industry. He notes that millennials, at the age of 22, are beginning to come up with some form of financial preparation. However, David indicates that it is unfortunate that most of them are not enlightened on the best way of using the money they save for retirement.
Compound interest is your best friend
Millennials should take advantage of compound interest because your money gets taxed before any deposits are made. Besides, you get to access tax-free money after you retire. Additionally, when you start preparing for retirement at an early age, you build more compound interest as you continue adding cash to your life. You will be amazed by the amount of money sitting in your account by the time you are done with saving.
Make sure you evaluate your financial health
You need to be financially healthy to achieve your retirement savings goals. That means that you should make sure that you have enough to save and cater to vital things. You can accomplish this by living a debt free life, which is achieved by clearing all your home loans, credit cards, college debts, and car loans.
Get a side gig
You need to have a business or side hobby to get financial benefits that will enable you to save for retirement or set aside for use when you retire. David Giertz says that people need to think about what they are passionate about then turn it into financial success. It might not replace your job, but it will earn you money as you do it for leisure.
David Giertz has a bachelor of science from Millikin University. He held the positions during his tenure of nine years. Giertz also led the Financial Institutions Bank channel at the beginning of 2004. He grew the company’s revenue from $1.5B to $8 B during his tenure.
Find out more about David Giertz: http://getstonedpicks.com/the-influential-work-of-david-giertz/