Michael Brady and Co., LLC
As a team member of a $3.5 Billion wealth management organization, Cameron Brady has worked with high net worth individuals as well as Millennials and Gen X clients and is always finding unique ways to connect with clients and provide the highest quality of advice and service.
Cameron is a graduate of Saint Joseph’s University’s Haub School of Business in Philadelphia, and studied at DePaul University’s CFP program in Chicago. As a Certified Financial Planner™ practitioner, Cameron works in a fiduciary capacity with his clients and practices and promotes Fee-Only financial planning and investment advisory services.
Cameron is a Life Member of the National Eagle Scout Association and remains active in the Boy Scouts of America as a mentor to youth in the Cleveland area. In the summer of 2016 Cameron summited Mount Kilimanjaro in Tanzania, Africa with his siblings and is always looking for his next adventure.
BS, Financial Management Services, Saint Joseph's University
Assets Under Management:
With the limited information here I would always recommend paying off the higher interest rate debt first. There are advantages of having the mortgage like the deductibility of the interest on your taxes and isn't harmful on your credit score like the revolving credit card debt is. Always try to keep a zero balance on your credit cards, carrying credit card debt is a slippery slope and can cost you thousands in the long run.
Saving 10-15% is just a benchmark, I think just starting your career out and saving 10-15% might be a bit more difficult to accomplish. My suggestion would be to start small and be disciplined about increasing your retirement savings every 6 moths or every year. As a starting point at least save 3-6% into your 403(b) to take advantage of your employers match. With that you are now saving 6-9% toward retirement including the matching contribution. Now that you have that taken care of your retirement savings do a monthly budget to determine what you can save after your fixed expenses have been taken care of. Remember to always pay yourself first and you'll be all set in 5 years for a wedding and a new home. Check out my goal calculator here (https://connect.emaplan.com/1iu) to help you save toward retirement and that wedding and future home purchase.
There are 3 basic ideas that I would recomend implementing into your life as soon as possible
- Create a budget. Fine tune exactly what you are spending your money on each month and always pay yourself first. Remember to put money in your retirement plan and savings before allocating bar money and your fantasy football entrance fees. If you need some extra cash to make your expenses and savings goals work look into picking up a second gig like driving for Uber or Lyft.
- Know how and when to use debt. This ties into number 1. Don't get yourself into credit card debt buying new clothes and taking trips you really can't afford. If you do have a credit card make sure you pay off the balance every month no exceptions.
- Start saving for retirement on day 1. As soon as you can set up your 401(k) start saving what the company will match at a minimum. I recommend implementing some sort of automatic increase, like annually on your hiring anniversary, and don't forget to increase contributions at every pay raise.
As long as the bank is an FDIC member institution each account will carry the insurance. Remember that each account has an insurable limit of $250,000 if there is a single account holder and $500,000 on joint accounts.
My recommendation would be to keep approximately 3 months of non-discretionary expenses like rent/mortgage, utilities, or car payments in your savings account and then you can decide how aggressive you want to get with your other savings depending on your time horizon. The farther away your savings goal the more risk you are likely to be able to take on. Let me know if I can help further.