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5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
May/June 2018
Money Smarts for College Grads
You’re pondering the start of student loan repayment and beginning a new career. So what do you do? Begin saving for retirement, of course.Never a Better Time
Granted, your college loans will take a chunk of your beginner’s salary, but there will never be another moment like this in your life where time has such a dramatic impact on your long-term savings. Learn this for yourself by going to the compound interest calculator at www.investor.gov.Small Turns Big
Try this on the calculator. Start out with a $0 balance and save $100 monthly. That’s only a few lattes or a couple of restaurant meals per month. By finding a few savings, you can juggle both this small monthly retirement contribution and pay your student loans. Back to the calculator, earn a hypothetical 7% interest compounded daily and input 40 years, your time until retirement. After 40 years, your $100 per month — $48,000 in total contributions — will have grown fivefold to $264,690.Time Matters
If you wait 20 years to begin investing for retirement and double your contributions so that you still put away $48,000 using the same criteria, your money would grow to only $104,731. That’s how much time means when you are saving for long-term goals. Yes, pay your student loans. But putting away even a little toward your retirement — starting now — will matter greatly.
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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
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