Mastering Your Finances: Tips for Young Adults with Carrie Mangan (Ep. 21)

By Nicole Young on July 10, 2023

Navigating personal finances after college can be challenging for many young individuals who lack proper guidance on savings, investments, and managing their 401(k)s.

What are some goals and rules they should follow for the long-term?

In this episode, Nicole Romito sits down with Carrie Mangan, advisor at Private Vista, to talk about the topic of building healthy financial habits for young adults just starting out in their careers. Carrie shares her knowledge and experience to educate them on the importance of starting to save and invest early, maximizing employer contributions to a 401(k), and diversifying retirement savings across different types of accounts.

Additionally, Carrie discusses the importance of having an emergency fund and tracking net worth to be prepared for adverse situations and make better financial decisions.

Carrie discusses:

Her background as a teacher and professional in the financial industry
The basics of 401k contributions, including contribution levels, employer matching, and the benefits of pre-tax deductions
The importance of understanding how much of your 401(k) balance is vested before leaving a job
Target date funds and how it provides diversified and professionally managed investment options
Three important rules of thumb for investing
The importance of building an emergency fund
The rule of thumb for housing costs
Reasons why it’s beneficial to track your net worth annually
How much to allocate to savings
And more!

Resources:

Email at info@myprivatevista.com to get tools that can help you track your net worth and your cash flows

Connect with Nicole Romito:

Connect with Carrie Mangan:

About our Guest: Carrie Mangan is an advisor at Private Vista LLC. Her previous work as a high school teacher emphasized how important it is to build strong relationships as the cornerstone of one’s career. That same principle guides her work as an advisor, where she is able to continue helping people solve problems and make empowered decisions about their futures. Carrie sees her role as a trusted and empathetic source of financial education, and she enjoys working with clients to build up their knowledge and understanding of their options.

Private Vista, LLC is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.

This is not an offer to buy or sell securities, nor should anything contained herein be construed as a recommendation or advice of any kind. Consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. No investment process is free of risk, and there is no guarantee that any investment process or investment opportunities will be profitable or suitable for all investors. Past performance is neither indicative nor a guarantee of future results. You cannot invest directly in an index.

These materials were created for informational purposes only; the opinions and positions stated are those of the author(s) and are not necessarily the official opinion or position of Hightower Advisors, LLC or its affiliates (“Hightower”). Any examples used are for illustrative purposes only and based on generic assumptions. All data or other information referenced is from sources believed to be reliable but not independently verified. Information provided is as of the date referenced and is subject to change without notice. Hightower assumes no liability for any action made or taken in reliance on or relating in any way to this information. Hightower makes no representations or warranties, express or implied, as to the accuracy or completeness of the information, for statements or errors or omissions, or results obtained from the use of this information. References to any person, organization, or the inclusion of external hyperlinks does not constitute endorsement (or guarantee of accuracy or safety) by Hightower of any such person, organization or linked website or the information, products or services contained therein.

Click here for definitions of and disclosures specific to commonly used terms.