#wealthmanagement #investing #wealthmanagement In this conversation, Paul W. Lermitte discusses the importance of financial diligence for young adults, emphasizing the need to save and invest wisely. He highlights the distinction between good and bad debt, particularly cautioning against the pitfalls of credit card debt and expensive car loans. The discussion encourages young individuals to be proactive in their financial planning and to make informed decisions about their expenses. This is an episode that is as much about making great decisions as it is about building strong financial partnerships based on your deepest values.

Learn more about Paul’s financial resilience teachings for all age groups at https://www.paullermitte.com/

Takeaways
💰Young adults must be very diligent at making sure that they save money.
🚘Investing money is crucial for young adults.
💰There's good debt, and there's bad debt.
🚘In your twenties, you're likely to encounter bad debt.
💰Avoid expensive car loans; consider buying older cars.
🚘Traveling should not be financed through credit cards.
💰Having savings is essential before making big purchases.
🚘Financial literacy is key for young adults.
💰Understanding expenses is vital for financial health.
🚘Budgeting is not a bad word! It can help manage and even avoid bad debt.

Quotes

• “Sometimes that hard work, that getting uncomfortable — that’s exactly what we want in the 20s.”

• “We told our son to give $25 to a charity, and it changed his trajectory. When you think of others, you suddenly see how fortunate you are.”

• “Debt is the biggest anti-flow force working against young people. Good debt builds your future. Bad debt steals it.”

• “You don’t deserve a vacation — you earn it. Work, save, stay financially sound, and then you can travel for the rest of your life.”

• “Every young person can own a home. Your grandparents did it, your parents did it, and you can do it too — with discipline and smart decisions.”

• “Financial resilience is simple: cash, savings, investments — and zero credit card or car debt. That’s power.”

Chapters
00:00 Introduction to Financial Foundations
00:56 Debt Management and Financial Freedom

#flourish #wealth #wealthmanagement #investing #advisor #KnowThyWealthKnowThyself Connect with Gillian: https://www.linkedin.com/in/gillian-stovel-rivers-ma-cfp%C2%AE-cea-997094124/?originalSubdomain=ca https://x.com/GillianStovelR https://www.instagram.com/gillianstovelofficial https://flourishfamilywealth.com/

Send TFFP your thoughts!