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#Adulting with the Young Leadership Division

It all started with a conversation over Shabbat dinner at the home of Rabbi Adam and Jessie Gindea, directors of Base Miami. “I happened to share with the group that my wife, Jessie, and I had just finalized our will. And the questions ensued. Our Shabbat guests wanted to learn more about the process and what other things they should know to be planful about at their age. My cousin, Andrew Gindea, a practicing estate planning attorney, was there too. He and I realized there seemed to be a market for this type of educational program, which lead to our #Adulting program.”

“Going back to your time in college, there typically isn’t a course or syllabus focused on personal finance or what do with your money,” said Robert Newman, ChFC, Managing Partner of National Planning Corporation. “Suddenly you’re working and you have to start making financial decisions by default — things like checking off boxes for group benefits, 401k allocations, life insurance beneficiary designations, long term disability benefits. Your company offers a retirement plan; do you start contributing and if so, how much? Maybe you have student loans and credit card debt; what do you pay off first? Should you also be trying to save and how much?”

These questions and more were addressed at #Adulting, a collaborative and interactive virtual program hosted by the Young Leadership Division, Base Miami and Legacy Giving geared toward 20- and 30-somethings to discuss best practices around planning and investing for the future.

The program was an interactive panel discussion, moderated by Michael Wagner, CFP, Co-Founder & Chief Operating Officer of Omnia Family Wealth and past Co-Chair of the Young Leadership Division. Panelists included Alexandra Quitko Baranski, CPA, Wealth Advisor with Omnia Family Wealth, Andrew Gindea, Esq., Counselor at Law and Robert Newman, ChFC, Managing Partner of National Planning Corporation.

Here are some tips from our panelists:

• Insure your most valuable asset – your ability to earn an income

• Manage your cash flow and debt and live within a budgeted lifestyle

• Aim to save 15% of your gross income each year

• Accumulate three to six months of monthly living expenses in savings for unexpected life events

• Pay off “bad” debt like credit cards, starting with highest interest rates first

• Save for retirement through a 401K or an IRA with a Traditional or Roth designation; if your company offers a matching program, take advantage

• Decide who will make health care and financial decisions in case you are not able to through life planning documents such as a living will, durable power of attorney and designating a health care surrogate

• Bring your team of advisors together as a collaborative unit to help you achieve your retirement, financial and estate planning goals

• Align your values with your wealth by giving charitably in a tax-smart way

“So many young adults feel unprepared when it comes to managing their financial lives. Programs like these are important because they can break through the intimidation factor that many people feel when it comes to planning and investing for their future. A few basic insights can make a world of difference,” said Michael Wagner.

For more information on the program or how to get more involved with the Young Leadership Division, Base Miami or The Foundation, contact Nicole Erdfrocht, Director of the Young Leadership Division, at [email protected].

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