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A Lesson to Our Younger Selves: Start Saving Now

MillenialsMillennials. You've grown up in an ever-changing world of technology, pop culture and reality TV. Ask any other generation, and their list of career options wouldn't include professional blogger, mobile app creator or YouTube star. You've seen the stock market fall apart in 2009, and as a result you are competing with older candidates who have 10 times the amount of work experience than you. It's a jungle out there. Where there is a con, there is always a pro. What you do have is easy access to mounds of information at your fingertips. You can learn from the past in ways that weren't available even a few years ago. You can turn money mishaps that your parents might have made into money victories for yourself. But first, you've got to get money smart.

A recent The Huffington Post article, titled ”4 Things I Wish I Knew About Money in my 20s,” emphasizes that the most important thing a millennial can do today to improve his or her financial future is to start saving. Although the Fall 2014 Merrill Edge Report showed that 80 percent of millennials think about their long-term finances when they are paying bills; nonetheless, they also need to pay themselves. It's important for millennials to find a balance between paying off any debt and saving for their future goals and retirement.

Making retirement a priority among many competing financial needs can be a challenge. The original article recommends that millennials go through their employer-sponsored retirement plan, such as a 401(k) or 403(b) account, or set up an automatic transfer from their bank or brokerage account into their personal IRA, Simplified Employee Pension (SEP-IRA) or SIMPLE IRA.

Along with retirement planning, a budget must be your top priority. While creating a budget might be the very last item on your to-do list, it’s essential to maintaining a solid financial foundation. Budgets are essential to estimate your monthly income and expenses, and at the end of each month, you should look at how your actual spending stacks up against your budget and make adjustments. Budgets also help to make sure you live within your means, and help you plan for day-to-day spending.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: Huffington Post (February 2, 2015)”4 Things I Wish I Knew About Money in my 20s

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.