Managing Millennial Family Finances

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Millennial families face the challenge of juggling multiple jobs, managing health insurance, paying for children, and planning for college and retirement. To stay organized and effectively manage their finances, relying solely on traditional methods like Excel spreadsheets or Word documents may not suffice. Given the dynamic nature of their financial situations, millennials require agile, real-time tools that adapt to changes in their lives. Utilizing financial management software or phone apps allows for ongoing communication with financial planners and provides instant insights into critical financial metrics such as savings rate, spending rate, tax rate, and investment performance. This proactive approach enables millennial families to adjust their financial strategies in real time rather than relying on outdated annual plans.

Clay Finck chats with Jim Crider about the benefits of having a financial planner, how millennials differ from other clients Jim has worked with, what it really means to achieve financial independence, how to deal with information overload, Jim’s thoughts on Bitcoin, and much, much more!

Jim Crider is the founder of Intentional Living FP which helps families achieve early financial independence. Intentional Living FP helps their clients navigate the decisions, opportunities, and obstacles that they face so their money is used efficiently and effectively to serve its purpose in your life.

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

02:33 - What the benefits are of having a financial planner.

07:36 - When someone should consider getting a financial planner themselves.

09:32 - The differences Jim has seen working with Millennials compared to other clients.

12:41 - How millennials living a busy life can stay on top of their finances.

22:36 - What millennials can do to find the right balance between preparing for your future, while still enjoying the present.

28:35 - What financial independence really means.

37:49 - Whether you should focus on paying off your debt early, or invest the extra cash.

37:49 - How to sort through and deal with information overload in a world where information is free and everywhere.

50:42 - Whether millennials should consider Bitcoin as a part of their financial plan.

50:42 - Jim's thoughts on how much Bitcoin to allocate in a portfolio.

55:29 - Jim’s recommended resources for learning about Bitcoin.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Related Episode: Listen to MI115: Young Investor’s Getting Started w/ Kelly Lannan, or watch the video.
Related Episode: Listen to BTC001: Bitcoin Common Misconceptions w/ Robert Breedlove, or watch the video.
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