Skip to main content

Financial Planning 101: What to Do ASAP to Build Long-Term Wealth

If your version of financial planning is keeping loose change in a jar and buying bottom-shelf booze, put on your big-kid britches and get your life together. It’s time to plan like a grown man. Here are the most essential steps of financial planning every man should take now to secure his long-term wealth and security.

Start ASAP

When should a man begin his financial planning? Investment advisor Blair DuQuesnay (CFP, CFA) of Ritholtz Wealth Management says “as early as possible.” Preferably, when you get your first real job.

Recommended Videos

“Around 25 years old, time is on your side. And investing requires a lot of patience,” DuQuesnay tells The Manual. “The earlier you start investing the more you will experience the magic of compounding returns — when your returns start to earn returns, like free money.” By the time you’re 65 years old, these earnings will be substantial.

Max Out 401k Matching

The first step you can take (like, today) is looking into the 401k and retirement benefits you have through your employer. DuQuesnay suggests, at a minimum, to take advantage of your company match. In practice: “If your company will match 100 percent up to 4 percent, put at least 4 percent of your salary into a 401k. That way you’re maxing out the employer match.” That’s more free money, honey.

financial planning piggy banks
PM Images/Getty Images

Slaughter High-Interest Debt

DuQuesnay says the next step men should take to make their finances ironclad is to pay off all high-interest-rate and consumer debt, such as credit cards and car payments, but not including student loans. This might not happen today, but that’s alright if you’re working toward it.

Budget for Living and Transportation (Not Avocado Toast)

Keep Reading

“You can’t skip the avocado toast and build wealth,” DuQuesnay says. Instead, housing and transportation matter most when figuring out your budget, since they’re the biggest things we spend money on.

Once a reasonable budget is set for housing and transportation, “a man should pay himself first.” This means paying your savings account. Set up an automatic transfer either through your bank or employer that puts money into a savings account each pay period. This should be the first “bill” you pay every month.

How much money exactly? DuQuesnay says a minimum of 10 percent to 15 percent of your earnings. However, there’s no “magic number.”

Build Your Cash Reserve

By doing the above, you’ll already be halfway into the next step: building an emergency fund. In the event that the shit hits the fan; you’re fired, tragedy strikes, etc., your goal is to have three to six months of living expenses set aside in a cash reserve.

If a man has paid off all high-interest-rate debt, has a three- to six-month cash reserve, and is maxing out a 401k, “he’s ahead of 90 percent of his peers,” DuQuesnay says.

You Probably Don’t Need Annuity

If you’re the kind of guy who likes having a professional watch your back, seek a real, live investment adviser. This can be tricky to source since the majority of financial professionals that pop up on a Google search are varying degrees of sketchy.

financial planning computer bills
monic zrivoic / Shutterstock

DuQuesnay recommends not choosing a broker (aka a commission-based sales bro) and picking an investment adviser instead, who, like accountants and attorneys, are bound by a fiduciary standard to put their client’s interest above their own.

Young savers should also be wary of anyone trying to sell an annuity to them, and if you don’t have any dependents, you probably shouldn’t be sold life insurance.

Try Robo-Investing

You might be surprised to hear that DuQuesnay is all for young men trying free or low-cost robo-investing. Apps are also great. That’s awesome because only in the last decade has the democratization of investing advice become available for us to use. It takes elbow grease for a man to read financial blogs and use robo-advisors like Betterment, but it can work.

Positive Net Worth is Sexy

What’s the payoff? Well, it’s hard to see right now. “Our brains are hardwired to enjoy pleasure today, not understand the positive impact of saving 20 to 40 years in the future,” DuQuesnay says. But close your eyes and imagine this: peace of mind if you lose your job, early retirement, and freedom. “It’s sexy to have a positive net worth,” DuQuesnay laughs, “A lot of people don’t.”

Jahla Seppanen
Former Digital Trends Contributor
Born and raised off-the-grid in New Mexico, Jahla Seppanen is currently a sports, fitness, spirits, and culture writer in…
The best shows to binge on Peacock in April
Lots of NBC hits are on Peacock now — here are the best shows to watch
Gabriel Macht wearing a light gray suit

There are definitely too many streaming services. Thanks to Netflix's revolution, every broadcast network and parent company decided that they had to get in on the streaming wars. Peacock TV is NBC Universal's streaming service, and although it may not seem like the most attractive option, there are actually a number of great Peacock movies and shows available on the service that are hard to find anywhere else.
Some of those popular shows are Peacock streaming originals, although there are plenty that initially aired on NBC or elsewhere and have found their way to Peacock thanks in part to the complicated nature of TV rights. Regardless, though, Peacock speaks to the impressive legacy of NBC Television. Growing up, I watched many of these shows as part of my regular nighttime routine. Now, thankfully, they're available at our fingertips anytime. Looking for more streaming options? We also have your guide to the best shows on Netflix, the best shows on Hulu, and the best shows on Paramount+.

Suits (2011)

Read more
April favorites: The best shows to watch on Starz
From Outlander to Party Down, these are the best shows you can stream on Starz
Outlanders

Since its inception, Starz has proven it can hang with larger competitors like Max. Although it's now making television in an incredibly crowded landscape, Starz has managed to regularly launch shows that make an impact, and it speaks to the enduring quality of these shows that they've also stood the test of time.
Because the streaming service is relatively niche, it can be hard to feel like it's worth the investment. I know from personal experience that, once you take the plunge and check out a few series on Starz, though, you'll realize just how deep the well of great stuff is. Any one of these shows would justify the price of a subscription.

Party Down (2009)

Read more
Must-see films: The best movies on Peacock this April
Peacock is a TV service, but it also has a great catalog of movies to stream, too
Jack Black in Bernie.

A fun bit of historic TV trivia is that the original NBC peacock logo was first implemented in 1956 to highlight the network's new color programming. Even though the logo has gone through numerous iterations since then, the network has stuck with the colorful bird, in one form or another, for going on six decades now. It’s fitting, then, that Peacock is known most for its TV programming, highlighted by shows like The Office, Parks and Rec, and the self-mocking (and hilarious) 30 Rock. If you are on Peacock for the shows, however, don't overlook that the platform is also home to a number of great movies spanning cinema history, including everything from great comedy to excellent sports movies.

Below, I've picked out some of the best movies available on the service. I was surprised to see just how many greats there are to choose from, and I'm confident that whatever you like to watch, you'll find something good below.

Read more