Financial Adviser: Know Where Your Money Is

Friday, 18 Jul 2014 12:08 PM

By Melissa Clyne

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Financial expert and Iraq war veteran Jeff Rose tells Newsmax TV that young people need to be pay more attention to their financial future and investigate avenues to avoid student loan debt.

The author of "Soldier of Finance," Rose wants to help others avoid some of the financial missteps he has made, such as running up credit cards with no way to pay the bills.

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He joined the military to pay for his college education, something he strongly recommends, but says there are a variety of other ways to do so.

"There are ways of not being so dependent and not having to max out a four-year, six-year student loan to where now they graduate they've got, $30-, $40-, $50-, $60-, $100,000 in debt," Rose said on "America’s Forum." "Just finding alternatives, doing assistanceships, doing internships, joining the military, you know something that helped me get through college debt free."

Americans, particularly young Americans, have become complacent to their financial situations and assume everyone has debt, he said. It is critical to have a financial plan and to know where your money is.

"I've talked to so many clients that have a 401k they're putting in 5 percent, 10 percent into – they don't even know. Like tell me, what investment strategy are you doing in your retirement plan? For those that are just investing in a 401k eventually that's going to become the largest asset that they're going to have. So wouldn't you want to know where your money is going to?"

He encourages people to invest their money for the long term and not get panicked by corrections and downturns in the market, occurrences that should be expected.

"I tell most of my clients, listen it's been — if we were to compare the stock market to the weather for the past 18 months — it's been 75 degrees and sunny almost every single day. We're due for a thunderstorm, we're due for some speed bumps so just prepare, get your umbrella, it will pass, and everything will be OK."

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