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How many times do you find yourself thinking (or singing), “I wish that I knew what I know now, when I was younger” – especially when it comes to your finances?
Hindsight is always 20/20, so we’ve asked some of our Bell Bank Wealth Management team members to answer the question: If you could go back in time, what is one piece of financial advice you would give your 20-year-old self?
Connie Schultz, QKA, CRSP, retirement relationship manager:
“I was very fortunate growing up, because my parents were savers and instilled in me the importance of having money set aside for emergencies and the future. If I were able to visit with my 20-something self, it would be to provide words of encouragement – to tell myself, ‘Good job, and make sure to continue saving.’ Every little bit helps, so when you have a chance to put a little more away, take full advantage of it. Whether it be a tax refund, birthday money from relatives, or working a part-time job, setting aside money to cover emergencies and knowing you have that available if it’s needed makes you feel more comfortable as you begin saving in a company retirement plan.”
Paula Swanson, CRC®, wealth advisor:
“The best piece of advice I could give myself would be to start putting funds into retirement accounts right away. You will never regret saving too much money. It is, however, very hard to catch up the later you start.”
Shannon Gephart, CFP®, CTFA, wealth management advisor:
“Looking back, I actually was a pretty financially responsible 20-year-old, and it was due to good financial advice I received from a mentor. He said, ‘You’re never too young to start saving for retirement,’ and he encouraged me to educate myself about it, so he loaned me some basic books about IRAs and investing, which I found really interesting and read them cover to cover. I’m really glad he gave me that advice, because I felt informed and knowledgeable about my decision to start contributing to an IRA right away. I’ve never regretted it.”
Joe Gotta, CTFA, senior wealth and fiduciary advisor:
“If I could go back in time, I would give myself the following financial tips:
Our wealth management team members are happy to help you with your financial planning. Contact any of us to get started!
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Investing and wealth management products are not FDIC insured, have no bank guarantee, may lose value, are not a deposit and are not insured by any federal government agency.