It's never too early to save. That's the advice from Ed Gjertsen, a certified financial planner and founder of Engage Wealth Group in Northfield.
Gjertsen joined WBBM’s Noon Business Hour to discuss advice he would share with his younger self.
For folks starting out in the professional world, Gjertsen said it’s important to set a spending plan, avoid credit card debt, and create equity by owning a home instead of renting it.
“That’s where that savings or spending plan comes in, is to have that goal of accumulating a down payment because invariably, you want to build equity for yourself,” Gjertsen said.
For parents of high schoolers, Gjertsen outlined how saving can be a family activity. A high school summer job, for example, can be put into a savings account that can be used for a big ticket item later in life.
“If your child is able to save $200 – $300, try to make that an incentive," Gjertsen said. "If you can, match that as a parent."
Catch the Noon Business Hour each weekday from 12 – 1 p.m.
Listen to the full episode below.
Related
Listen to WBBM Newsradio now on Audacy!