I’ve been helping my younger third generation and millennial) clients establish good financial habits. It part, I’m their financial coach, guide, and counselor. I help them through their planning process, guide them in some of their financial decisions, and provide feedback to their thoughts about money and how it applies to their individual circumstances.

In this article by Walter Updegrave, a CNN Money contributor, he explains some of the mistakes I help my clients avoid. Instead of listing his mistakes, I list the positive habit help develop.

1. Get good financial counsel. My first guiding principle is to obtain good counsel. In some respects, you can over pay as Walter notes. However, in some respects, you also get what you pay for. Ensure your counsel in objective and has good credentials like a CFP® designation, an advanced degree, and some life experience.

2. Start saving early. My second guiding principle is have a positive margin. You can save this margin for unknown future needs.

3. Avoid unnecessary debt. It is also better to live without debt. Debt presumes about the future. And this, my friend is dangerous.

4. Investing is not complicated. Start adding 10% to your 401k or other tax deferred or tax free account for your eventual financial independence. Then, increase this 1 or 2% each year. Additionally, save after-tax dollars to an emergency or opportunity fund or what I call a “Matterfund.”

5. Pay attention to your financial life and its progress. My first guiding principle also states, “Pay attention to your financial condition.  It is good to periodically review your financial condition and set new goals.”

For what not to do, read Walter’s post. When you find you need someone to hold you accountable or help you think through difficult decisions, give me a call. I’m available and offer an affordable service for helping the millennials in your life.

Do well (and do good),