Next generation of Government Summit -- Never Too Young to Plan – Financial Planning from TSP to Insurance
Nicolas Troy Abrams, Founder, AJW Financial Partners
Getting your hands around your financial situation
"How much I want to spend = save $ per month for x months," said Schreiber.
Personal Finance Priorities
When you are hired as a fed you are automatically enrolled in the TSP at 3%.
Doyle says the pension rules are changing but the TSP is a great first step to start your savings. The TSP is at a lower costs because it is shared across the government.
When to start?
"See so many people who wait until they are in their 50s to figure out their retirements," said Abrams "taxes matter as well -- its not how much money you have but how much money you get to keep."
"When you are young you need to plan for your future because you have no idea what will come up. You may need that foundation," said Whiteside
Financial Team - What you need: CPA, Financial Planner and you need a Will (make sure you look for people with experience with young people)