Millennials, also known as Generation Y, are currently the largest generation in the U.S. They also show great potential. For one, they are shaped by technology yet they show great interest in community, family, and security. It’s impossible to meet a millennial who is not concerned about his or her future.
If you are part of this generation, you have an exciting life ahead of you. Here are three smart investments you can make this year and an experienced financial planner in Northern Virginia like AOG Wealth Management can help you with understanding these options:
Planning for retirement is an important step to make. To do this, you need to understand several investment philosophies and you will have to be strict with your spending habits. The great news is that many millennials are doing exactly that. According to the American Institute of Certified Public Accountants, over three quarters of Generation Y are into wearing the same clothes and using the same gadgets. You’d be surprised how these small practices can save you money over the long run.
Home Mortgage Assistance
Many first-time home buyers in the U.S. are from Generation Y, and new mortgage rules to be established this year are sure to be helpful. For one, the premium for borrowers with a Federal Housing Administration loan has been lowered from 1.35% to 0.85%. Through this mortgage assistance plan, millennials will now be able to more easily afford their first home. If you are planning to make this big step of buying a house, you will can talk to a financial expert, such as AOG Wealth Management, to help you maximize your resources.
Standard and Profit Sharing 401K
A 401K Plan is a tax-qualified and defined pension account that allows workers to make pre-tax contributions. Since the contributions are automatically deducted from an employee’s paycheck, it makes saving easier. These investment methods have always been the most appealing to millennials. It actually makes sense because at the end of the day, millennials know that their primary means of saving is still in their workplaces.
If you need help with understanding your investment options, AOG Wealth Management has a team of financial advisors in Northern Virginia. We can help you choose the best investment plan. Aside from retirement funds, home mortgage assistance, and standard and profit sharing 401K, we offer plenty of other asset management services.
To learn more about our services, give us a call at (866) 993-0203. We’ll be glad to help you with your financial decision making.