Quite often, millennials find themselves financially misinformed when they’re preparing for retirement. Indeed by the age of 22 most of them have started some form of savings but how to do it wisely lacks in their spirit for saving for retirement.
David Giertz, a certified business coach, outlines ways millennials can efficiently plan their finances in preparation for retirement.
- Evaluate your financial status
Evaluating your financial status is crucial since you need to ensure your saving enough while you still take care of your essential financial needs. If you have any existing debts, i.e., college, home mortgage, loans, credit card debts, etc., pay them off as soon as possible and direct your focus for retirement.
- Take advantage of Compound Interest
Compound interest is beneficial when it comes to saving. Compound interest exponentially increases your savings and since the government taxes your money before depositing it in a savings account, the interest is not taxed.
- Create a side gig to supplement your finances
Having a side gig that benefits you financially is advantageous. Your side gig will generate money that can be used to save for retirement while your main income generator can be used to settle your current finances.
David boasts over 30 years’ experience in the growing financial services industry. He has regularly championed strategies, processes, and innovations that build profitable growth. As a WABC Certified Business Coach, David has achieved a global Gallup associate engagement score of 4.63 up from 4.41.
About David Giertz
David Giertz began his career at Citigroup where he gave a decade of his life and joined Nationwide in 1999 as Miami, FL Regional Vice President subsequently increasing the revenue by 48%. Quite recently, He was named Senior Vice-President of Nationwide Financial Distribution and Sales, where he was the driving force of the company’s growth in revenue from $11B to $17.8B.
In 2004, David led the Financial Institutions Bank channel which expanded to incorporate Wirehouse distribution by the year 2009. The Financial Institution Bank channel saw its revenue grow from $1.5B to $8B.
David also served as Millikin University (where he got his BSc) Board of Trustees Chair and was chairman of the Budget and Finance committee during his 9-year tenure on the board. In the past, David served on the Board of Directors for the Girl Scouts of Broward County and the Fort Lauderdale Chamber of Commerce.
He holds an MBA from the University of Miami.