The tech industry is a rapidly growing sector. This year alone, the tech industry has grown by at least 7%. As professionals in the tech sector are surrounded by innovation and advancement, they are in a unique position to build and manage their wealth.
It can be crucial for tech professionals to create a financial plan that helps them prepare for safe growth in a fast-paced work environment. In general, establishing a solid financial plan can prepare you for the unknown.
You should be following these financial planning tips as a tech professional
Tech professionals are working in a world of competitive pay and constant opportunity for career development. An increase in remote work opportunities and flexible hours also give tech professionals more financial freedom in recreational areas like traveling. If you are a tech professional, you should be following the financial planning tips below to make sure you are maximizing your time, energy, and money:
1. Plan for early retirement.
It’s important that you start planning for retirement early, especially if you are a freelance tech professional and don’t have a corporate-sponsored 401(k). The sooner you plan for retirement, the better. How much do you need to save to live comfortably at your retirement age? Do you have enough saved today? Do you know how much you should be putting away from each paycheck? As a tech professional, you may have the ability to retire early; financial planning can help you meet that goal.
2. Develop and stick to a solid debt repayment plan.
While a tech professional’s average salary is over $80,000, many tech professionals may have had to take on student debt before achieving that salary. Both bachelor’s and master’s programs can set tech professionals back thousands of dollars. Designing a realistic repayment plan can help you stay on top of your debt while making the most of your salary.
3. Know your employee benefits.
Depending on what tech company you work for, you could qualify for a variety of employee benefits, such as health insurance, life insurance, and paid vacation time. Your job may also match your 401(k) savings, give you options to invest in stock at low prices, and provide free meals. Tech companies are known to offer exceptional perks, so knowing how your benefits fit into your financial plan can help you budget accurately.
Talk to a ProVise CFP® professional about your financial planning as a tech professional
Do you want to grow your wealth and financially plan as a tech professional? At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to an expert about financial planning as a tech professional? Contact ProVise today to schedule a complimentary consultation.