NAPFA-Registered Financial Advisor Karen McIntyre has had some interesting questions from people stopping by the free advice event at Independence Park in Philadelphia. Here are a few she thought could be of help to other people:
I’ve spoken to a few people so far this sunny morning. On everyone’s mind is how the financial crisis affects them. One young man preparing for his wedding was worried about his long term financial security. His 401(k) dropped 25%. What options exist? Work longer, save more? I suggested he use this as a learning opportunity and determine if his investment strategy needs to be adjusted given these unusual times. Of course I suggested he consult with a financial advisor. Since his 401(k) was at Vanguard, I referred him to their website to determine where he was on his road to financial freedom and for guidance on constructing an investment allocation geared to meet his needs.
Loren, a psychologist, stopped by to tell me how much he appreciated us being here. He said times were so much easier when he was young – no school loans, housing more affordable – and wonders how young people can do it. He’s not surprised that credit card debt is out of hand. He says young people can’t make ends meet due to school loans. I’m left wondering what the world will be like when my three year old graduates from college. Good thing we’re saving for his future!
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