Create the financial future you want

Whether you're planning for college or just starting out in your career, money - how to make it, how to spend it and how to save it - will play an important role in your life.

While finances are not always an easy topic to approach, we offer guidance and resources to help you learn to manage your money at every life state.

Here are some age-based milestones to help guide you down the right path throughout your life's journey:

Ages 18 - 23

  • If you need immediate college-funding sources, our guide to Finding money for college - right now may help.
  • Having a plan in place before you leave for college will help you focus on settling in and enjoying everything that undergrad life has to offer, check out Finance 101.

Ages 24+

  • Investors today are faced with ever-changing market conditions, an often-overwhelming amount of information from the media and an increasing number of investment choices. It's not surprising that the world of investing can seem complex. To help, access Principles of successful investing.
  • Being in your early 20s is an exciting time of life. The world is yours for the taking as you begin this next chapter of independence - a budding career and creating a home of your own. The choices you make now as you establish your professional and personal lifestyles will lay the foundation for your future financial success, which means getting started on the right foot is crucial. Financial management for 20-somethings is for you.

 

Your 30s

  • Strive to save 10% of your salary in your company’s retirement plan or IRA—or at the least, meet the company match.
  • Build an emergency fund of at least six months of your living expenses.
  • Take advantage of a health savings account to fund health-care expenses.
  • Home ownership builds wealth, so when buying a home, no more than 30% of your monthly income should go toward your mortgage.
  • Share your short-term and long-term financial goals with your life partner.
  • Start saving for your child’s, or future children’s, educational expenses through a 529 savings plan.

Your 40s

  • As you reach your peak income, maximize your savings. Raise your contributions to your retirement plan and stash extra cash when possible.
  • Protect your most valuable asset: your earning power. Disability insurance is especially important when in your 40s.
  • Make an estate plan. Establish a will, power of attorney, revocable trust and health-care directives.

Let's start the conversation

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Resources to help young people learn about money management

To help prepare young people for building a secure financial future and avoid potentially dangerous mistakes, they need easy access to knowledge that's relevant to them. That's why we've collaborated with EVERFI®, an education technology company to provide timely and engaging resources.

Learn more

Wealth insights guide for young professionals

Young Professionals GuideToday’s young professionals face many challenges when it comes to building wealth. RBC Wealth Management's guide on money matters for young professionals is designed to help young adults master the fundamentals of saving and investing, with insights into how to control debt, build a wealth plan and prepare for a more secure tomorrow.

Download Money matters for young professionals wealth insights guide

The millennial mindset

Rewriting retirement Cover imageWhen it comes to finances, millennials tend to prioritize planning for long-term wealth, making a difference in the world and retiring early, according to a recent RBC Wealth Management survey. Read the survey report to learn more about the millennial mindset. 

Disclosures

This educational material was developed by RBC Wealth Management in connection with EverFi, a digital education platform and resource. RBC Wealth Management is not affiliated with EverFi.

The information contained in the EverFi material has been derived from sources believed to be reliable, but no representation or warranty, express or implied, is made by RBC Wealth Management, its affiliates, or any other person as to its accuracy, completeness, or correctness. All opinions and estimates contained within the presentation constitute the judgment of EverFi, are subject to change without notice and are provided in good faith but without legal responsibility. This material is presented without regard to the individual financial circumstances and objectives of persons who receive it.

RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor. No information, including but not limited to written materials provided by RBC WM should be construed as legal, accounting or tax advice.

RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor. No information, including but not limited to written materials, provided by RBC WM should be construed as legal, accounting or tax advice.

Read additional advisor disclosures.