Running Point and its chief investment officer, Michael Ashley Schulman, CFA, were quoted in a Fox Business article—by Cortney Moore, “College graduates need these 10 ‘inflation-proof’ career and money tips now”—spelling out 10 finance strategies for recent college graduates. Fox called upon Michael for tip #7.
Below are the excerpted quotes:
7. Think about retirement and beyond
“Start saving and investing now, even if it is $20 a week or a couple hundred dollars a month, not just for retirement, but also for big events down the road, like buying a home or boat, or saving for a wedding — you can do his with a bank or investment account,” said Michael Ashley Schulman, the founding partner and chief investment officer at Running Point Capital Advisors, a California-based portfolio management company.
“If your company does not offer a 401K retirement plan, open an IRA account and try to start by placing at least 6% of your regular paycheck into retirement savings,” Schulman also said.
“I realize retirement can seem a long way off for a new college graduate, but the compound effects of long-term retirement saving and investing are immensely favorable.”
He added that new college graduates can consult financial advisers if they need guidance; they should make sure to avoid high-interest debt like pay-day lenders and credit cards.
“You want your purchases to increase your happiness, not weigh you down,” Schulman said.
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-22-31