Contributed by: Nick Defenthaler, CFP®
Last July, I had the pleasure of participating in a documentary focused on retirement planning, titled “When I’m 65,” produced by Detroit PBS. After months of shooting and editing, the final product was finally aired in mid-April – click here to check it out! PBS decided they wanted to shoot several scenes at The Center’s office because of our unique look and the fun and vibrant energy our atmosphere portrays; something we welcomed with open arms (if you haven’t had a chance to see our amazing office, click here to take a virtual tour). The film crew showed up early that morning and I must admit, it was a tad intimidating! As financial planners, we’re used to meeting with clients, building relationships, and helping you make smart decisions with your money. Needless to say, filming for several hours with bright lights and a very expensive camera in your face was a new experience that forced me to step outside my comfort zone. The crew, however, made life much easier and was absolutely fantastic – they were extremely patient and we worked as a team to produce some pretty cool content. They even filmed some shots of fellow employees acting as “extras” in different scenes that also appear in the documentary.
The opportunity to participate in this documentary arose when PBS approached the Financial Planning Association (FPA) of Michigan to see if there were any members who would be interested in helping out with filming. (I have been a board member with the FPA of Michigan since late 2014 and currently lead the local chapter’s “NexGen” committee—a specific group within FPA of Michigan dedicated to financial planners under the age of 37 who are committed to progressing in their careers and moving financial planning in the right direction.) Being that I fall into the Millennial generation category, it was fitting for me to take the lead on discussing the issues fellow Gen Y’ers are facing and outline some simple things people in this age group should be considering in order to lay a solid financial foundation for the future.
Here are a few simple items I suggested:
- Invest in yourself – Human Capital is your largest asset!
- Start saving early – put away at least 5% of your salary in a retirement account at your first job out of college (typically enough to get you the full company match if one is offered).
- Increase this savings rate 1% each and every year until you reach at least 20% - I call this my "One Per Year" Savings Strategy.
- Keep investing simple! Consider investing in investments you can understand.
- Purchase Life Insurance while you’re young and healthy – consider term insurance as a cost effective option.
Overall, the experience with PBS was something I truly enjoyed and will never forget. It was amazing for me to see firsthand how much filming and time goes into producing such a short amount of actual footage. Needless to say, I have a different level of respect for those who make a living in front of a camera! It was an honor to participate and to have our office so visible in the documentary and online videos that were produced, big thanks once again to PBS and for the opportunity to be a part of such a great message!
Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc. Nick is a member of The Center’s financial planning department and also works closely with Center clients. In addition, Nick is a frequent contributor to the firm’s blogs.
Raymond James is not affiliated with and does not endorse the opinions or services of Detroit PBS, WI65.org, or the FPA of Michigan. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Nick Defenthaler, CFP®, and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members. Investments mentioned may not be suitable for all investors. Investing involves risk and investors may incur a profit or a loss.