Many people, especially millennials, misunderstand the benefits of working with a financial planner. The first mistake is thinking that you need to be wealthy to work with a financial planner. That may have been true in the past, but not anymore. There’s a revolution in the financial planning profession being led by millennial advisors who are focused on helping their peers achieve wealth rather than wait until you’re wealthy. 

There isn’t much of a benefit to paying off federal student loans right now other than the peace of mind knowing you’ve paid off your loans. Would you be upset if you paid off your loans today and Congress forgave $10,000 - $50,000 (both amounts have been floated around by Democrats) and you missed out? Even if you don’t support student loan forgiveness you’d still probably feel ripped off.

What happens if you hit big though? Other than becoming overconfident as a day trader, you will also have tax consequences. A lot of money is being made from the run up on meme stocks lately, are you prepared for the taxes you’ll owe on the gains?

I recently read a fantastic book edited by financial industry veterans Brian Portnoy and Joshua Brown. The book was How I Invest My Money: Financial experts reveal how they save, spend, and invest and compiled stories from some of the brightest minds in the financial services industry.