Last fall, 15 future financially secure millennials (and a few parents) came together to learn about the various ways of starting a wealth building plan. Each of the participants moved through a fun exercise designed to identify values and priorities. The purpose was to help each individual find their “why”. Saving money and building wealth means making tough choices. And if you don’t have an awfully good reason for doing it, it’s tough to stay motivated. So what did participants learn in Millennials Building Wealth?
First, they were so fortunate have the expertise of one of their own: A millennial who has been successfully assisting people to save, invest and grow their financial security for several years. Chris Satterfield, Senior Financial Advisor with Arizona Bank & Trust provided lots of tools to help participants budget toward their goals, in service of their “why”. He made it clear that millennials building wealth don’t need to have a million dollars to create a million dollar portfolio. But they do need clear goals and ways to track their progress over the long term.
Because there is seldom one path to wealth, participants were also introduced to the concepts of real estate investing. Mortgage Loan Originator, Aubrie Gile, with Arizona Bank & Trust and myself shared information about the financial benefits of home ownership and real estate investing. Aubrie was particularly helpful in discussing what it takes to become qualified for a mortgage loan. There were some pleasantly raised eyebrows from a few participants who found out that they, in fact, could qualify for a loan. And they might even save money by paying their own mortgage instead of a landlords. Even those who are a couple of years off from purchasing their first home, found it useful to know what to pay attention to between now and then to be ready to hit the ground running. Regardless of where they are or what their situation, millennials building wealth are doing SOMETHING to build wealth today.
One of my favorite things to be is a resource for those needing some direction and a plan of action, Whether it’s referrals to home repair and maintenance companies, financial planning professionals, Loan Orignators, or walking them through the steps toward home ownership and real estate investing, being able to be of service is part of my own “why”. If you are a millennial or know one who has questions about how to get from here to there, particularly in real estate, have them given me a call.