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
Great question! The answer is simple, you are never too young to start investing for your future. Now, "investing" and "playing" with your money are two different things. It would be a great idea to develop a long-term investment strategy and start putting money away. Unless you have a great deal of knowledge about the markets, you should not "play" with your money.
Take a peak at some scenarios where you make a monthly deposit with annual compounding of interest at 7% at the end of each year.
$25 per month would be $30,321.91 at the end of 30 years.
$100 per month would be $121,287.65 at the end of 30 years.
$1000 per month would be $1,212,876.50 at the end of 30 years.
As you can see, even small amounts invested for the long-term can become a nice little nest egg! I hope this helps. If you still have questions, contact a fee-only financial planner.
Fantastic question and thank you for asking!
You may be strong candidates for consolidating, but there are a couple of considerations before doing so.
The fees that you have on the accounts seem reasonable, however, there may be some additional fees to consider. In addition to looking at the expense ratios of the mutual funds, there may also be administration fees and servicing fees attached to these 401(k) plans If, indeed, there are other fees on the retirement plans that you have not noticed or been aware of, your decision to consolidate may be more clear. Also, take note of any fees attached to any IRAs that you are considering, like any annual admin fees or fees for closing the account.
Of course, fees are not the only reason to consolidate. The investments themselves may need some attention. The biggest concern for your portfolio may be overlap and the concentration of your dollars to certain asset classes. You may be way overweight in US Large Cap stocks, which is a common issue for folks with multiple retirement plans and mutual funds. This over concentration could affect your returns as well as your risk profile.
Another big consideration is peace of mind. If having your money scattered all over the place causes undue stress or anxiety, then absolutely, you should consolidate. Many folks talk about the numbers and often overlook the mental health side. I am a firm believer that you can make better money decisions and take better action on your portfolio if you are in a place of peace, as opposed to anxiety.
Lastly, if you are self-managing your investments at this point and you are spending too much time or are starting to have more questions about what retirement is going to look like from a draw down perspective, it may be time to consider hiring an advisor to help get you to and through retirement. There are many advisors that are fiduciaries, that do not sell products, that can truly help you and may be able to reduce your fees even further. I hope this is of some help. If you still have questions, consult with a fee-only financial planner.
This is a great question. Retirement assets are split through a process called a Qualified Domestic Relations Order, or QDRO for short. This order will determine what assets should be delegated to the parties involved. However, it really comes down to your individual situation and what is set forth in the divorce decree. With that being said, you are typically entitled to half of the total balance, both pricipal and growth, that was accumulated during your marriage. Most states defer to a 50/50 split of assets between spouses during a divorce. Keep in mind any contributions and growth accumulated prior to marriage is left out of any of the calculations, unless otherwise determined by the decree. One of the unique traits to assets divided by QDRO is the accessibility without penalty. Typically, if you are not age 59 1/2 and take a withdrawal from a retirement account, you will be penalized 10% of your withdrawal. In the case of QDRO, the penalty is waived. A divorce attorney should be able to tell you the specifics of you situation and walk you through the state's requirements for assets in case of divorce. Hope this is of help! If you have any other financial questions, consult a fee-only financial planner.
This is a great question! The best place to put your money depends on a lot of different factors. If you have any debts that have interest rates in excess of 10%, you should highly consider paying them off. This is the easiest way for you to earn a guaranteed rate of return. If you are debt free, you may want to start investing in a retirement account. If you are employed and your employer is offering you a match, then you should contribute at least enough to get your full match. If they do not offer a match, then you may want to fund an IRA. However, if you are planning on needing the money at age 35, then a retirement account would not be a great option due to penalties and taxes. A brokerage account is always an option if you are needing access. As you can see, we really need more information about your situation to know what is best. Generally, I would say a diversified portfolio of stock-based ETFs would be a great start to put your money to work. I hope this helps! If you still have questions about your situation, talk to a fee-only financial planner.
First of all, great job placing priority on your financial future! There are tons of options when it comes to investing and working with an advisor.
If you are an individual that does not like to handle your own investment decisions, there are firms that are dedicated to helping young professionals, like yourself, plan for a successful financial future. I would look for a fee-only firm that understands your unique needs and ideals as a Millennial, one that does not require any minimums, and one that puts an emphasis on financial planning.
This day and age it is becoming more common to work with a financial professional, remotely, utilizing technology to connect from anywhere in the world. This may be a value-add for a young professional that enjoys travelling frequently or one that is not tied down to any one location or city. Starting a relationship with an advisor that can work with you from anywhere will allow for a continuous relationship no matter the changes in your life.
I am a member of the XY Planning Network, which is committed to serving the needs of the next generation of investors, and you can find a professional to work with by clicking here. The advisors on the network are all fiduciaries, putting your best interests first, and do not sell any products or earn any commisions, thus, avoiding any conflicts of interest.
I hope this has been helpful! Keep it up and you may end up on FIRE, financially independent retiring early!