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053: Teaching Your Kids About Money, Budgeting and 401(k) Plans with Mike Guthrie
Manage episode 410476963 series 3001511
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As a parent, it’s never too early to start talking to your kids about money. Before you know it, they’ll be going off to college and getting their first job as a young adult. At that point, they’ll probably have questions about how much they can afford to spend and whether or not they should invest in a 401(k). Today’s episode will help prepare you for some of those questions.
We’re excited to introduce our audience to Mike Guthrie. Mike is a Financial Advisor at SHP and has over 25 years of experience in finance and financial planning. Before joining us at SHP, Mike worked at Morgan Stanley, BlackRock, and Northwestern Mutual, to name just a few.
In our conversation, we’ll explore some of the common questions that your kids might need advice on. We’ll discuss employer benefits that might be available to them, the difference between a traditional and Roth 401(k), and what types of investments they should consider within those plans.
In this podcast interview, you’ll learn:
- The value of saving early with compounding interest.
- How to start the process of teaching your kids about managing expenses.
- The difference between a traditional and Roth 401(k).
- How Target Date Funds work and why they are attractive for young investors.
- The importance of investing early with regular contributions, especially when the markets are down.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast
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