Millennial Wealth Management, LLC
Grayson Hofferber is the President of Millennial Wealth Management, LLC, a different kind of financial advisory firm dedicated to serving the needs of Millennials. Grayson and his team's comprehensive financial planning service is unique in the investment industry, as it is a true partnership between the firm and their clients. No two client relationships look the same when working with them, because let's face it, nobody is in the same financial position with the same goals and life circumstances. Grayson and his team promise to their client is to always put their interests first, which they committed to when they took the fiduciary oath.
Millennial Wealth Management, LLC was created from many years of personal experience as a financial advisor, and understanding that the vast majority of financial firms were really only looking out for one person... themselves. Think about it, should you trust the financial firms that nearly brought down the global economy a few years ago (the largest crash since the great depression) with your hard earned money? No?! Me neither!
Financial representatives make a sizable commission when they sell you a product, sometimes as high as 8%... Can they really put your best interests first? I don't think so, either. With that being said, Grayson created a firm designed to eliminate any and all conflicts of interest with the sole focus on helping his clients achieve financial success through prudent financial planning and low-cost, tax-efficient investment options. Grayson and his team are proud to hold themselves to a higher standard at MWM.
The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Millennial Wealth Management, LLC referred to as "MWM" disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement and suitability for a particular purpose. MWM does not warrant that the information will be free from error. None of the information provided on this website is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information is at your sole risk. Under no circumstances shall MWM be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if MWM or a MWM authorized representative has been advised of the possibility of such damages. In no event shall Millennial Wealth Management, LLC have any liability to you for damages, losses and causes of action for accessing this site. Information on this website should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized. COPYRIGHT MILLENNIAL WEALTH MANAGEMENT, LLC 2016. ALL RIGHTS RESERVED.
Grayson Hofferber - Millennial Wealth Management
Good question. The primary reason advisors place such a high priority on debt repayment is because of the negative effects it has on building wealth. The greatest factors that help to build wealth are your income and your savings/ investment rate, but if you are paying a high rate of interest on debt, you are limiting your ability to grow wealth over time. Think about it this way; if you have $10,000 on a credit card at 20% APR, then your interest for one year is $2,000. Let's say you had a great year in your investment account of $10,000 and earned 10%, you just made $1,000. If you had another $10,000 in savings, would you rather earn the 10% return in your investments or the 20% return by paying off your credit card? The reality of the matter is if you are not paying the interest on your debts, then you are essentially earning it. Just another way of looking at things! I hope this helps. If you still have questions, consult with a fee-only financial planner.
Great question! Many people want to earn a better return on their emergency savings than they currently are, however, a basic savings or money market account is the most appropriate. Accounts that offer the kind of protection and access that you need for emergencies are typically going to produce a lower yield and that is OK. I tell people to look at online banks, like www.ally.com, they pay 1% APY and give you access by linking your primary checking or savings account to it. Again, the main goal is to have the money handy in case of emergency. If you can earn a little bit of interest, that is just icing on the cake!
This is a question that can only be answered by looking at the policy you purchased and see how cash value is credited. Your particular situation may warrant a whole life policy, but very rarely is this a product that I recommend. Life insurance is a tool to cover any remaining liabilities and fund financial goals when you die. It should not be used as a savings or investment account, because, as you have noted, the returns are typically very low. I would recommend you look into the cost of a term life policy vs. the policy you currently own and see what the payment difference would be every month. A 20 or 30 year term policy should be much cheaper and allow you to focus on other financial goals like building long-term wealth. I hope this helps! If you still have questions, talk to a fee-only financial planner.
This is a great question and I thank you for asking. There are many questions when it comes to saving and retaining benefits for individuals with disabilities. However, there is a new option available through the Achieving a Better Life Experience Act! This allows individuals and families to maintain eligibility for benefits while saving money for the future. This legislation was passed in 2014, but only a few states have programs in place so far. Hopefully more will come online soon. But, I recommend going to the following website, http://www.ablenrc.org/about/what-are-able-accounts to learn more about ABLE accounts and how they may benefit your niece. I hope this is of some help! If you have other questions about ABLE accounts, contact a fee-only financial planner.
First and foremost, congratulations on your six-figure net worth at 29! There are a number of ways to generate some passive income in today's economy. One of the ways, as you alluded, is to have a rental property. Now, there are a lot of headaches with being a landlord, so plan on using a really good property manager, so you can travel. The average charge is around 10% of your rental rate.
Another good way to generate some income is through dividend investing, which it sounds like you are already doing, but instead of re-investing the dividend, you can take it as cash and have it direct deposited. But, if you were to average a 3% yield on your dividend portfolio of $64,000, that would only be $1,920 a year.
Not sure of your profession, but one of the best ways to generate extra income is by having a "side hustle". A business that generates extra cash on the side. Maybe you can do some consulting in your field of expertise. Or you could start a Blog, either about something you are passionate about, about your money journey, about your backpacking adventures, or all of the above!
You also mentioned your available credit, which tells me you would potentially be willing to finance a "business opportunity". In terms of using leverage, one of the best opportunities you have is in real estate. I would talk to a Real Estate agent in your area that specializes in income properties. They should be able to tell you what are viable options, if any, and then you can see if owning rental property is even an option. I hope this offers a little insight. If you still have questions, talk to a fee-only financial planner.