tHRive presented a Business Leader Roundtable event, The School of Hard Knocks on financial planning on February 25. The event was hosted and sponsored by Old Point National Bank in Hampton. Three informative panelists, Cameron Miller, Cheri Green, and Chaytor Midgett, shared industry tips, practical advice and relevant information for millennials to gain skills, confidence and knowledge about their financial planning decisions.
Miller, a financial advisor with The Opus Group, explained that a financial advisor is important to help save money and properly plan for the future. Green, a private banker with Old Point National Bank, expressed the importance of having a personal relationships with your banker. Private bankers understand your objectives and will help you to reach your personal goals at a faster and more successful rate. Midgett, Senior Vice President and Mortgage Regional Sales Manager of Monarch Bank, shared that having a relationship with your mortgage counselor helps build trust and allows you to properly invest your money.
Each panelist brought their own expertise to the event. Miller shared advice on how to best tackle the most common forms of debt burdening millennials, such as college loans and credit card debt. For instance, paying off debt in a specific order, based on interest rates, can help improve your credit score and even save you money. Green explained how building a relationship with your personal banker is important so they cannot only help secure your money, but understand your objectives and help you better achieve those objectives. Lastly, Midgett offered great advice for young professionals looking to purchase their first home. For example, grant programs can be a great source of financing and utilizing a financial advisor can help you avoid purchasing more than you can truly afford.
All three panelists are young professionals and shared valuable information that every young professional found to be relatable, valuable and worthwhile when trying to achieve their financial goals.