GOLDEN VALLEY, Minn. — It's money Monday! Each week in February we're helping you solve the financial puzzles impacting each generation.
This week, we have some financial advice for millennials.
Here are three things Financial Advisor Nicole Middendorf, from Prosper Wealth Financial, says millennials should be thinking about in terms of their finances.
- Make sure you are taking full advantage of your 401K plan
“Ideally you’re maxing out but contribute to the point that you’re getting a match,” said Middendorf. “Also doing a ROTH IRA because eventually it happens when it comes to a point that if you get married it’s very easy to not be able to do the ROTH IRA because there are income limits.” - Run your credit report
“Go to annualcreditreport.com that's where you can get a copy of your credit report for free,” said Middendorf. “You can do that 3 times a year. It’s not going to give you a score but you want to make sure you stay on top of your debt.” - Better have money down if you're thinking about buying that first house
“Making sure you have that 20% down before you buy the home so you're not paying PMI insurance,” said Middendorf.
Have financial questions you want answered? Tweet your questions to us using #sunrisers, or text your questions to (763) 797-7215.
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