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business Wednesday 6 april 2022
Millennial Money: Take your money to the next level

By SARA RATHNER career rising and grinding, to protect your family:
of NerdWallet you likely had little energy — INSURANCE: Malani rec-
Millennials may still feel to think about what kind of ommends a term life insur-
quite young (despite those work (and life) would actu- ance plan if you own a
pesky gray hairs and less- ally bring you the most joy. home with someone else,
than-fine lines), but in so When you’re financially someone is dependent on
many ways, we have adult- stable and advancing in you for support or you have
ed. So it’s time for our mon- your career, you can begin a co-signer on one of your
ey management to grow to think about what comes loans.
up a bit, too. next for you. — ESTATE PLANNING: Talk to
Your financial to-do list is Shehara L. Wooten, certi- an estate attorney about
small but mighty in your fied financial planner and crafting a will, naming
20s. Setting up automatic founder of Your Story Finan- guardians for your kids, ap-
transfers to a high-yield cial, a financial advisory pointing a medical power
savings account, contribut- In this June 15, 2018, file photo, twenty dollar bills are counted in firm in Dallas, says you don’t of attorney and other scary-
ing enough to your 401(k) North Andover, Mass. need to wait for retire- yet-necessary details.
to get the full employer Associated Press ment to do the things you — UPDATE BENEFICIARIES:
match and paying down truly enjoy. “You may even Revisit who you listed as
high-interest debt can take lars.” contributing just enough to want to, if you’ve planned your beneficiaries on your
you quite far. Get a better deal on high- get that match, consider properly, take some time bank and investment ac-
Now, you can do more to interest credit card debt. If contributing more. A rule off,” she says. “If that’s not counts. If that information
propel yourself to financial your financial situation has of thumb is to save 10% to something you’re able to is outdated and you were
success in your 40s and be- improved, you may qual- 15% of your pretax income do, take some time to find to pass away, your money
yond. ify for a balance transfer toward retirement. out how you can get paid won’t go to the right per-
MAKE USE OF A HIGHER credit card offering a year Next, plot out your inter- more, how you can really son.
CREDIT SCORE or more at 0% interest. mediate-term goals for be appreciated for the GIVE TO OTHERS
You don’t have to treat If you don’t have credit the next five to 15 years. work that you do.” As your salary grows, it be-
a high credit score like a card debt, but you’re still You can invest for these Wooten also recommends comes easier to meet your
precious work of art. Good using that barebones card goals using other kinds of seeking the help of a finan- needs and still have money
credit can qualify you for you got at 21, switch to a accounts, such as taxable cial advisor to discuss what left over each month. Some
better borrowing terms, so card that earns cash back brokerage accounts and kind of lifestyle you want to of that money can be bud-
put that to work. or travel rewards. However, 529s, to help fund early have in retirement and the geted toward meaning-
Try to cut back on the cost leave that old credit card retirement, save for your savings you need to accu- ful causes. Estate planning
of borrowing. “In terms of open and use it once in a child’s education or plan mulate to get there. You can also help you map out
bang for your buck, refi- while to keep it active. (The for another large expense. may have a skill set that how you’d like to donate
nancing is an important average age of your ac- Money for short-term goals can translate to a higher- money or valuable posses-
thing you should be doing,” counts is a factor in your (within five years or less) paying career, which will sions to charity.
says Priya Malani, founder credit score s, and the old- shouldn’t be invested. In- help you accomplish your “I like to have people write
and CEO of Stash Wealth, er, the better.) stead, a high-yield savings goals more quickly. out their story and go to
a financial advisory firm in MATCH INVESTMENTS TO A account is a more appro- PROTECT YOURSELF AND the end of their life,” Woo-
Charlotte, North Carolina. VARIETY OF GOALS priate place to hold that YOUR LOVED ONES ten says. “What do you
“If you can move even a Here are two ways you can money until you need it. What worked when you want that to look like?
quarter of a percent on up the ante on your invest- THINK ABOUT HOW TO IM- were 25 and single isn’t go- What do you want people
a really large mortgage, ing. First, if your employer PROVE YOUR CAREER — ing to cut it when you’re 35 to say about you? What do
that’s going to save you offers a retirement plan with AND YOUR LIFE with two kids and a mort- you want your legacy to
tens of thousands of dol- a match, and you’ve been If you spent the start of your gage. Here are some ways entail?”q

U.K. plans rules for some

cryptocurrencies amid global effort

By KELVIN CHAN ness — open for crypto contribute to carbon emis-
AP Business Writer businesses,” John Glen, sions because of the heavy
LONDON (AP) — Britain has economic secretary to the computing power needed
unveiled plans to regulate Treasury, said in a speech to process transactions.
some cryptocurrencies as Monday. Last month, the United
part of a broader plan to Treasury chief Rishi Sunak States stepped up govern-
become a global hub for also has asked the Royal ment oversight of crypto-
digital payments, coming Mint to create a digital currency while European
as authorities in the U.S. collectible known as an Union lawmakers agreed
and Europe are racing to NFT as an “emblem of the on draft rules for cryp-
draw up rules for crypto. forward-looking approach toassets.
Cryptocurrencies have the U.K. is determined to Glen said the government An advertisement for Bitcoin cryptocurrency is displayed on a
street in Hong Kong, Thursday, Feb. 17, 2022.
exploded in popularity, take,” Glen said. plans to update laws on Associated Press
leaving officials worldwide Crypto proponents say the payments to include a typo
scrambling to figure out technology will make pay- of cryptocurrency called a commodity such as gold, sumers to use stablecoin
how to regulate them amid ments faster, easier and stablecoins to encourage making them a lot less vola- payment services with
fears they could threaten more transparent, while issuers and service provid- tile than normal cryptocur- confidence,” Glen said,
financial stability and hurt skeptics worry it could be ers to operate and grow rencies like bitcoin, which without specifying which
consumers. used for illegal activity like in the U.K. Stablecoins are can swing wildly in value. stablecoins would be regu-
“The U.K. is open for busi- money laundering and usually tied to the dollar or “This will also enable con- lated. q