Financial Planning for Millennials in the Bay Area

It’s no secret that the financial landscape is evolving, and millennials aren’t the only demographic affected by the changes. Even with easier access to subscription-based financial planning and Robo advisors, financial planning and wealth management can be overwhelming and easy to put off for anyone. The great news is that once you start, it gets much easier! 

This quick guide covers everything from how you can begin financial planning in San Ramon to how subscription-based financial planning can help you plan for your future.

This simple strategy can help you create a solid path to financial freedom:

  • Ready: Define goals for yourself
  • Set: Take stock of where you are now
  • Go: Decide what to do next

Why is the financial landscape changing?

Labor force participation has been decreasing over the last 50 years, and millennials are finding it increasingly difficult to save for retirement while getting creative on new ways to build wealth. The millennial generation is even more skeptical of investing than previous generations were at their age. As a matter of fact, 61% of older millennials think they’ll need to work at least part-time in retirement

The stock market may seem like an intimidating place where only those who already have money can get more money; hence, why many young people simply don’t bother with it. But with an affordable financial advisor in the Bay Area, you can gain the confidence needed to help you gain clarity on building wealth and staying on track with your financial goals.

Read: The S&P 500 Had Its Worst 1st Half Since 1970 — Here’s What Comes Next


Chapter 1

Developing A Financial Plan

The purpose of developing a financial plan is to help you achieve your goals. These goals may include building good credit, purchasing a home, paying off student loan debt, starting a business, retiring early, etc. A financial plan is essentially a blueprint for how you will save, invest, and spend money so that your life aligns with your values and priorities. 

A financial advisor in San Ramon and Newark can help you pursue financial independence one decision at a time.

When creating a financial plan, determine what’s truly important to you, as the examples touched on above. Once you become aware of and establish these goals, it’s time to figure out a game plan to help you achieve each one and set benchmarks. 

As part of this process, keep in mind that even though it seems like having everything mapped out would be helpful for achieving success, some people find that having too much structure isn’t always helpful. Having the framework is important, but staying flexible within your plan is key, as your financial priorities and goals will evolve with age, life events, and unstable economic conditions. 

Your level of risk plays a significant role in the investment ballgame, which also changes throughout your life.

Here are a few great starting places to build financial literacy, something that most Americans lack (at no fault of their own).

Chapter 2

Why You Should Start Planning For Retirement Now

When you think about retirement, it might seem like a far-off concept that doesn’t apply now; therefore doesn’t need to be taken seriously. However, retirement planning is important for all ages—even millennials. In fact, the sooner you start saving for retirement, the better off you and your family can be.

In order to make saving for retirement easier and more effective, consider using an affordable financial advisor in the Bay Area who can help guide you through the process of setting aside money for your golden years. This is an option for all ages, which can be afforded for only $50 per month via subscription-based financial planning in San Ramon and beyond. 

Whatever financial advice you need, you have it. For example, your financial advisor can help determine which investments make sense for you based on your risk tolerance and time horizon. 

Start planning for your future by considering what kind of lifestyle changes would make sense after exiting the workforce:

  • At what age do you plan to retire? 
  • Where might you want to retire? 
  • What do you imagine your lifestyle will be like? 
  • Will you have children and possibly grandchildren to consider?
Chapter 3

Creating transparency in the world of investments and retirement planning

It’s important to know what to expect without fearing the worst. However, what’s expected is not predictable, so having a financial plan that equates to all economic scenarios is essential. 

A harsh reality is that millennials are facing economic anxiety and speaking up about their fears around money. If you are living paycheck to paycheck yet remain skeptical of saving and investing, it’s time to flip that switch. The surprising news, according to Charles Schwab, is that millennials are ahead of their parents (Baby Boomers) when it comes to saving for retirement.

However, the increased saving could be because millennials do not expect to receive employer-sponsored pension plans in retirement. According to the Bureau of Labor Statistics, 84% of full-time workers at large companies participated in a pension plan in 1981; that percentage dropped to only 28% by 2020.

Baby boomers have claimed to feel a sense of ease knowing that their retirement was taken care of. However, according to the National Institute on Retirement Security, around 72% of millennials are pessimistic about obtaining financial security during retirement, versus the 43% of boomers. 

This tells us that saving at an earlier age hasn’t done much to ease retirement anxiety, but it reduces the risk of not being well-equipped to handle the lifestyle you want and deserve when that time comes. And, having a financial advisor in Newark or San Ramon can help you feel more confident in your financial endeavors. 

Chapter 4

Don’t Put Off Financial Planning

“Don’t put off to tomorrow, what can be done today!”

Financial planning and investment selection can feel overwhelming, which is why many younger people put it on the back burner, but that won’t get them ahead in life. Hiring a wealth management financial advisor in San Ramon can be all the help you need to step it up to the next level. 

Yes, there is a vast amount of investment information out there, but lucky for you, Humanity Wealth Advisors specializes in this arena. The tasks that you then need to complete to stay financially well, are simplified and guided to help you make smarter decisions. 

Opt-in for subscription-based financial planning in Newark and other locations; this could be your best financial decision yet. 

Chapter 5

The Basics Of Money Management

One of the first things to understand about financial planning is that it’s not an end goal. It’s a journey, and you must constantly work toward greater financial stability. There are some basic principles every person should follow. Here are the basics that our financial advisory firm in San Ramon recommends:

  • Spend less than you earn. It sounds obvious, but many people struggle with this concept for years before realizing how important it is! If your income doesn’t match up with what comes out of your bank account each month—if there’s always something owed—then it can be difficult to build up savings or pay down debt (which brings us to our next point). 

Use this free budget worksheet to plan wisely.

  • Avoid credit card debt at all costs. This includes avoiding cash advances on credit cards as well as store credit cards with high-interest rates and low limits. Credit cards may seem like an easy way out when times get tough. However, they can damage your long-term financial health if used improperly and cause additional stress while they’re being paid off down the line.

Download our free financial checklist to get on track, starting today.

Chapter 6

Building Your Future

Have you defined your future plans, or at least have hopes, and talk about them frequently? Some of the major life milestones are huge events that spark people to get financial advice from a professional. These are common goals that should nudge you to seek help in building a stronger foundation for your future:

Chapter 7

What does financial freedom mean to you?

The definition of financial freedom will vary from person to person. Millennials have emphasized becoming financially free with the FIRE movement. Why? Because they want the freedom to make choices without stressing over money and want to spend on things that bring them joy versus binding them into a hamster wheel chase of working to pay down debt.

FIRE stands for financial independence/retire early, which is usually broken down into three categories: FIRE, Lean FIRE, Fat FIRE, and recently added, Coast FIRE.

  • Lean FIRE: saves up 25x annual expenses and lives on a “lean” budget (spends less than the average American at around $60,000 annually). 
  • Fat FIRE: spends more than the average American and can afford greater protection, flexibility, and freedom during early retirement. 
  • Coast FIRE: saves a target number by a specific age, then stops saving and lets compounding gains “coast” to an ultimate target retirement nest egg.

If you feel constrained by your finances, let’s explore a method that works best for you. Don’t let anyone else dictate how and when you spend—simply have a plan to abide by that you fully comprehend and appreciate. 

To Humanity Wealth Advisors, we believe financial freedom means being able to pursue a passion without worrying about whether or not it will pay off. It means being able to work for yourself, doing what you love, or making money work for you.

Financial independence can help you check off the list:

  • Paying off unhealthy debts: student loans, credit cards, or personal loans
  • Raising a family and putting kids through school 
  • Paying off a home
  • Starting a business 
  • Traveling the world
Chapter 8

How Subscription-Based Financial Planning Can Help Millennials Plan For Their Future

  • The subscription-based financial planning model is a great option for millennials looking for:
    • The convenience of being able to talk with a professional financial advisor whenever they need it
    • Customized advice that’s personalized to their unique situation and goals.
    • A single point of contact to help them navigate their finances in the future versus having to work with multiple advisors at different companies.
    • New ways to reach financial freedom


Financial advisors offer more than just retirement planning. Financial support at Humanity Wealth covers all the bases:


  • Tax planning: Aim to minimize your taxes and maximize your savings.
  • Estate planning: Create a plan for how to distribute your assets once you pass away, including whether or not to leave money to charity and what sort of charitable giving would be most beneficial.
  • Insurance: Ensure that your coverage is up-to-date so that if something happens, funds are available to pay off any debts or provide for loved ones who depend on you financially. This can include life, disability, car insurance, and even homeowner’s association dues.
  • Investments: Invest in stocks, bonds, mutual funds, real estate, and other investment vehicles based on your risk appetite.
  • Education planning: Make sure you have enough funds for higher education.


Subscription-based financial planning is a model that makes sense for millennials. It’s simply the way of the future.


Subscription-based financial planning at Humanity can help you up-level your financial fitness for a flat fee each month. Consider what you pay for a subscription or app you don’t even use. If you want a professional on your team that has your back, opt-in for this service – perfect for beginners or DIYers.

Financial planning isn’t easy. Developing the skills needed to plan for your future takes time and patience. But as you can see, there are many benefits to having a financial plan in place. The best thing you can do is start today!

Humanity Wealth Advisors and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. The LPL Financial registered representatives associated with this website may only discuss and/or transact business with residents of the following states: AZ, CA, CO, HI, ID, MA, MN, NC, NV, OR, and TX.

*This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. The insurance related content in this article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information. Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.

*While we offer an advisory based, fee-only option, there may be times that we discuss, or I recommend, a product that is suitable for your situation, in which I may receive a commission.