By: Laura Walton AFC®
That’s what friends of ours said Friday night as we shared dinner. I was telling them about the 3rd Decade program which we’d just kicked off and it sparked a memory.
Now in their 60’s, she’s a retired elementary school teacher and he continues consulting with colleges and universities. He reflected back to their 30’s when they were new in their careers and had started a family. They met with a financial planner even though they had little saved and little room for saving. Despite that, they made a plan.
This plan, made before they had investments to consider, guided their decisions going forward. It set targets for saving (which meant spending as well), planned for a college education for their child, discussed a will and helped them define their lifestyle goals.
One goal was to have a cabin in the mountains someday. They describe it more as a dream at the time than a goal. They didn’t see it as a real possibility. Well, ten years later they started construction on that cabin and have enjoyed it for the last 20+ years.
Funny how almost off-hand comments can become reality when they’re part of a plan.
The 3rd Decade program hopes to make these kinds of dreams possible by providing financial education and financial planning to young adults. We know that if they start working today on their goals, they’re achievable. However, with every decade they wait to start, the road to reach their goals gets steeper.
Our friends look back and marvel that (1) they even thought to see a financial planner, and (2) a financial planner took the time to meet with them although they had no assets. Today, they see how lucky they were on both accounts.
If you are or you know a young adult who would benefit from the 3rd Decade program, please refer to our website, www.tci-foundation.org, to apply online by our March 1st deadline. Below are a few details:
- A maximum of 20 program participants
- Age range 21-35
- Household income between $35,000 and $100,000
- Hold a bachelors, associate or vocational degree
- Rent or own their home
- Working fulltime
- Ready to manage debt and start a financial plan
- Will commit to a two-year program in Tucson which will require they attend quarterly classes (four per year) and two meetings a year with a financial advisor
- Participants will be eligible to earn up to a $1500 match to their Roth IRA contribution at the successful completion* of each of the two years. The maximum match available to each participant over the two-year program is $3000. *100% participation in classes and advisor meetings and passing grade in annual exams.
- Participants agree to provide financial information annually for five years in order to track the outcome of the program.