Young People Just Don't Understand Money Free Webinar

Young People Just Don’t Understand Money

And Financial Planner Mary Anne Ehlert Is Doing Something About It

As the founder of Ehlert Financial Group in Lincolnshire, Mary Anne Ehlert CFP® noticed that her clients seemed concerned about their young adult children not understanding money.

“Our retiring clients are talking about estate planning and leaving money and finding their children know very little,” she says. “We were lucky. Our parents taught us to save.”

And it’s not just teenagers. “They could be 30 and not have a clue,” Ehlert says.

To help her clients – and anyone, really – Ehlert Financial Group is launching a series of webinars on “Learning to Save,” starting Thursday, October 19, and continuing into 2024.

The first session is all about cash flow. “Young people can’t tell you where their money is going,” Ehlert says. “They don’t know how to save for an emergency and they may not even be taking advantage of their 401(k) at work. They’re not in charge of their money.”

Among the tips that will be shared:

“We teach them to pull out a piece of paper or start entering in a spreadsheet,” Ehlert says. “Get your paycheck and your bills,and write down your expenses. Some are easy, like rent, utilities and student loan payments – they’re the low-hanging fruit.”

It’s harder to track other expenses. “What do I spend on food? What do I spend on gifts? What do I spend on clothing and going out? They have to save receipts and look at their credit card statements and then categorize the expenses,” Ehlert says.

Then the discussion turns to needs versus wants. “I want to go out to a bar with friends, but what does that do to my cash flow? How much money do I have that is actually spendable?” she says. “Credit cards are a valuable tool, but they become a risk if you use them for ‘wants’ and emergencies. If you do that, it’s hard to get back on track.”

Once they have a handle on their cash flow, young people have to decide how much to save for emergencies “so you don’t have to go back to mom and dad because your car broke down.

“Parents will thank us for doing this,” she says.

All the webinars begin at 7 p.m. central time and are free, but you must register. The sessions will be recorded and sent to participants.

October 19 – “Cash Flow: What Is It and How Do I Start?” A sample cash flow and detailed explanation will be provided during the class, along with helpful tips. Click here to register.