As part of the Future Leaders Initiative (FLI) Program, the second part of this financial skills workshop was hosted online by Brennan Hollenbeck, Financial Advisor for Mueller Financial Services. The workshop was attended by 26 participants and covered the following topics:
Risk Management – Accumulating wealth over time is a great thing. Protecting that wealth for yourself, your family, and your legacy can be one of the most critical financial decisions a person makes. Understanding the basics when it comes to personal insurance, not just through employer sponsored health plans, but obtaining outside personal coverage as well can be something that saves you in the future. The subject of group life insurance, disability, term insurance, and basic health care plan options will all be discussed.
Investing/Saving for Future – Investing for your future retirement or goals does not have to be a complex thing. Many times it is understanding what your options are and taking the first step to investing that individuals struggle with the most. Knowing your current options, the most efficient and effective ways to save/invest, and then setting up a systematic plan to achieve those goals is all it takes to get someone started. In this section would cover the topics of 401 (k), Roth vs. Traditional, IRA’s, after-tax investment accounts, and the importance of diversification. We also will cover some examples of how starting to save/invest early on in someone’s career will have a vast impact on future balances for your retirement accounts and the importance of not waiting.
Current Economy / Market Outlook – The economy and the markets can seem very complex to many people. The news can often paint a gloomy picture of what is going on currently in the markets/economy when in reality much of what they report is very short-term focused. For long-term investors it can be important to understand the basics of the economy and how staying invested for the long term in a well-diversified portfolio can be crucial to long term success. In this section, we will give a very high level overview of today’s US and international economic landscape a brief introduction to stock and bond markets.