Peak Brokerage Services
Licensed with FINRA Series 7 and FINRA Series 66 and NYS Life, Accident & Health, Alec Witkowski has a breadth of experience in the finance industry. His firm, WIT Wealth Management, offers wealth management, financial planning, investment management, educational seminars. Partnering with The Financial Guys, AJ heads up the Millennial Division. He educates young investors about investing, personal finance, and planning.
As an entrepreneur, and a millennial, AJ has first hand experience with creating a business from scratch.
He can be heard on 930WBEN Radio and seen on Channel 7 Buffalo.
Assets Under Management:
Securities are offered through Peak Brokerage Services, LLC, Member FINRA/SIPC.
Advisory Services offered through Blackridge Asset Management, LLC, a Registered Investment Adviser. Securities are offered through Peak Brokerage Services, LLC, Member FINRA/SIPC. Blackridge Asset Management, LLC and WIT Wealth Management are separate and independent entities from Peak Brokerage Services, LLC.
Starting to invest to receieve better than 0.25% over a year is important.
The simple answer is to open up a Roth IRA and invest into securities (stocks, bonds, ETF, mutual fund) that follow your risk tolerance.
Your risk tolerance will be able to determine how your money should be invested. For example, a CD is very conservative because it holds your premium and there's not a lot going on in terms of return.
The longer answer is to use a trusted advisor who will look out for your financial goals and objectives. That way they can take into account your risk tolerance, goals, objectives, and expenses and put together a comprehensive financial plan that can be the first step to putting you on the right path.
1. Find your risk tolerance (very conservative, conservative, moderate, aggressive, very aggressive)
2. What are your financial objectives (pay off debt, buy a house, student loans)
3. What are your financial goals (retire, retire early, start a business, second home, financial freedom)
There are advisors out there that help people getting started with little saved. It is always nice to remember, find a path. Obstacles and bumps are a part of life but knowing your path can put you back on a track you set up.
Congratulations on graduating and getting a good paying job right away!
I can relate to this story because this is exactly how my brother started his career. Essentially all the same metrics.
You're 22 and in a perfect world, you will be working for another 45 years (Full Retirement Age). Getting that degree with the employer completely paying for it will set you up in the long run. This will allow you to get the work experience needed plus the education most do not have the opportunity to do so. It also helps that you wanted to go for accounting and they are willing to pay for it. Extremely beneficial for you.
You have time on your side. Getting the education done early can set you up for long term success. Just stay the path and you'll achieve your goals. Congrats again and good luck
Great job on figuring out your two approaches and being inuitive enough to come up with these scenarios.
Over the course of a long time horizon (>10 years), history tells us the average investor in the stock market would yield around 7%. Given this information and your 5-6% interest on your debt. You would net out more investing in the long run therefore It would be beneficial for you to invest while paying off lower amounts of your debt. In addition, with the opportunity for the government to forgive your loans (hopefully they do) this puts you forward when (if) those loans are forgiven.
Imagine, if you chose to pay your loans instead of invest and the government decided to help you and forgive your loans down the road, you would have missed out on retirement growth over time. Use the time to your advantage to grow your wealth.
With those student loans, you must be going for an incredible job. Keep up the good work and good luck
"Planning before product placement" could be beneficial to your family member because there are a lot of variables that need to be taken into account for a full detailed answer.
Here is the first question: How much are her living expenses? This will be able to guage how long that money will last to help her financially.
Then followed up with these questions: Will that money from the sale cover her living expenses to last her until she hits 62 (in 9 years plus inflation)? Does she receive medical? Does the Social Security from her ex cover her living expenses?
The proper products always come up when a plan is put into place. These are just some of the questions to consider before taking a recommendation of investing from an advisor. No one can predict the markets and it looks like this money will be needed to be used over some time. That means there can be very little risk (unless her living and medical expenses are covered) and I would suggest using a combination of a high APY Savings account and small investments that can provide her some more growth on that money.
I hope this was helpful
Of course the answer is save it. if you have enough saved in your short term bucket (savings account) then invest it. Generate a second stream of income or you can reinvest it and let compound interest and time work on your side. You're 26, you have a long investment time horizon. You have a young family, maybe this money can help pay for their college, homes, families, ect. Call 716-362-7099 if you want more specifics but investing the extra money will be better for you in the long run if you do not see immediate need for it.