In this episode, Eric talks with Yanni Neibuhr, a financial advisor for BFG, on how different generations view financial independence and how you should start thinking about retirement in your 20s and 30s.
In this episode:
- Retirement is not something that should be started at 60, it should be started as soon as possible
- Millennials have a different mindset of what independence means and they want to be independent as soon as possible
— The side hustle- Finding ways to make money outside of a 9-5 job in order to become independent - Entrepreneurship is growing- a lot of people are starting their own companies, particularly online.
— The Instagram generation: trying to create their own brands, social awareness - The greatest generation- many of them had pensions, received social security and saving 10% would have been enough to comfortably retire. It is no longer that way
— Now it is YoYo- You’re on your own - Underemployment is high- people are getting working for less than their education prepared them for
- Program where companies match student loans instead of retirement, which is way more valuable for Millennials
- Extra credit: Advice is to start saving as early as possible. Remember that saving is a marathon not a sprint- the sooner you start training, the better off you will be. Don’t rush into anything- there are steps to it and everybody is unique.
Guest Bio
Yanni Niebuhr, CFP® is Director of Investment Operations at BFG Financial Advisors. His primary roles are to collaborate with the firm’s advisory team in the development of financial planning and wealth management advice and then delivering and implementing recommendations for the firm’s clients. In addition, he currently serves on the firm’s investment committee, where he assists in the firm’s due diligence process in selecting asset managers and investment vendors and partners.
Mr. Niebuhr joined Brotman Financial Group as an intern in 2011, and joined the firm’s investment operations department full time later that year. In 2014, he was promoted to Associate Advisor, providing technical support for the firm’s lead financial advisors on all client work, including handling client inquiries, preparing for and attending meetings, and completing the necessary follow-up. In 2019 the firm changed its corporate identity to BFG Financial Advisors and he advanced to Director of Investment Operations and Principal.
Mr. Niebuhr holds a Bachelor of Science degree from Towson University. He earned his CERTIFIED FINANCIAL PLANNERTM (CFP®) designation in 2015 and holds his FINRA Series 7 (General Securities Representative) and 66 (Uniform Combine State Law Examination) licenses through Kestra Investment Services, LLC.
