Financial Planning for Young Adults

Skyler Fleming
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Financial planning isn't just for the wealthy. It's for you wherever you are in your money journey. Whether you're making real money for the first time, juggling student loans, and drowning in conflicting advice. You want your financial life handled without the constant stress. I'm Skyler Fleming, host of Financial Planning for Young Adults, and here's what I believe: money is a tool to build the life you actually want. With my CFP education, I break down financial planning into practical steps: taxes, investing, debt, retirement, and more. Think of me as your money buddy. Subscribe now!

  1. 1D AGO

    401(k) vs Roth IRA: Have You Been Asking the Wrong Question? - 33

    Action Item: Share today's episode with a coworker the next time they ask you "should I have a 401k or a Roth IRA?" Help them understand that those are actually two different questions, and send them this episode so they can walk away with the same clarity you have now. Summary In this episode I break down one of the most common questions I get from young adults just getting started with retirement savings. Should you have a 401k or a Roth IRA? The truth is that question is actually asking two separate things at once, and once you understand that, everything clicks. I walk through all the major retirement account types including the 401k, TSP, 457b, 403b, IRA, and brokerage account so you know which ones apply to your situation. Then I explain the difference between Roth and traditional tax treatment using a seed and harvest analogy that makes the whole thing finally make sense. I also introduce you to Lisa, a 26 year old accountant who spent a year and a half thinking a 401k and a Roth IRA were the same thing, and walk through exactly how she got both accounts working for her at the same time. Resources & Links Mentioned FPYA Retirement Planning Guide: https://fp4ya.com/guide/retirement What Is Coast FI and How Do You Calculate It (YouTube): https://youtu.be/UcVyjqf5MV0 Charles Schwab: Common Types of Retirement Plans: https://www.schwab.com/learn/story/types-of-retirement-plans IRS: Types of Retirement Plans: https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans NerdWallet: Roth 401k vs 401k: https://www.nerdwallet.com/retirement/learn/roth-401k-vs-401k Empower: After Tax vs Roth 401k: https://www.empower.com/the-currency/work/after-tax-vs-roth-401k Timestamps [00:01:42] Why Coast FI matters when you are young and just getting started [00:04:12] Breaking down every major retirement account type and who they are for [00:10:30] The IRS resource I actually recommend feeding into an AI chatbot [00:13:33] The seed and harvest analogy that explains Roth vs traditional once and for all [00:17:08] Lisa's case study begins: a year and a half of doing it wrong without knowing it [00:22:36] Your one action item: get the match and open the IRA Email me at fpyapod@gmail.com

    24 min

  2. MAY 5

    You're Leaving Free Money at Work Every Single Day - 32

    Action Item: Log into your benefits portal this week and write down one benefit you did not know you had, then start using it. Summary In this episode, I break down why your employer benefits are worth a lot more than most people realize, and how ignoring them is quietly costing you money every month. I walk through the key benefits you need to review, including your 401k match, health insurance, disability coverage, pre-tax commuter benefits, and student loan repayment assistance through IRC Section 127, which is now a permanent tax-free benefit. I also introduce Hailey Miller, a 26-year-old Operations Analyst who spent one evening in her benefits portal and unlocked over $7,000 in annual value she had no idea existed. The takeaway is simple: you do not need a raise to see more money. You just need to actually look at what your employer is already paying for. Resources & Links Mentioned How Can Young People Maximize Their Workplace Benefits? https://www.standard.com/ahl/news-and-insights/how-can-young-people-maximize-their-workplace-benefits FPYA Employer Benefits Evaluation Checklist: https://fp4ya.com/guide/investing Employer Health Insurance: How Much Does It Really Cost? https://npabenefits.com/average-health-insurance-cost-per-month-through-employer/ Long-Term Disability Insurance: Is Employer Coverage Enough? https://www.usbank.com/wealth-management/financial-perspectives/financial-planning/long-term-disability-insurance.html Q&A: Employer Student Loan Repayment Rules for 2025-2026 https://blr.com/resources/hr-hotline-qa-employer-student-loan-repayment-rules-for-2025-2026/ Student Loan Repayment Permanently Part of Section 127 https://youbenefited.com/resource/student-loan-repayment-permanently-part-of-section-127/ Employee Benefit Preferences by Generation https://inspirafinancial.com/business/insights/health-benefits/employee-benefits-by-generation Timestamps [00:02:35] The invincibility mindset and why young adults leave benefits on the table [00:04:19] Retirement benefits: 401k match, Roth options, and what to confirm with HR [00:06:00] Health insurance: why you need to compare plans every single year [00:07:27] The real cost your employer is paying toward your health insurance [00:08:25] Life and disability insurance: what your work plan probably isn't covering [00:11:12] Section 127: how your employer can help pay off your student loans tax-free [00:13:47] Hailey's case study begins [00:18:27] Key insight and what to do next Email me at fpyapod@gmail.com

    21 min

  3. APR 28

    The Parts of Your Financial Plan That Have Nothing to Do With Investing - 31

    Action Item: Pick one area from today's episode, insurance, estate planning, or psychology, and take one real step this week. Get a quote for life or disability insurance, log in and update your beneficiaries, or write down your financial plan somewhere you will actually see it. Summary In this episode, I break down three parts of your financial plan that most young adults completely skip because they are too focused on investing. I walk through how to calculate how much term life insurance you actually need, why disability insurance is more important than life insurance for most of us, and how to make sure your beneficiaries and power of attorney documents are set up correctly before something forces you to. I also cover two of the most common money psychology traps, loss aversion and mental accounting, and explain how writing down your goals can increase your chances of following through by more than 30 percent. The episode wraps up with a real life case study following Kayla and Derek through the same car accident twice, once without disability insurance and once with it, so you can see exactly what is at stake. Resources & Links Mentioned Risk & Insurance Calculator (Life Insurance and Disability Estimator): https://fp4ya.com/guide/insurance Psychology of Money Guide: https://fp4ya.com/guide/psychology Disability Insurance: Why You Need It: https://www.nerdwallet.com/insurance/life/learn/disability-insurance-explained Beneficiary Designation Mistakes to Avoid: https://www.usbank.com/wealth-management/financial-perspectives/trust-and-estate-planning/common-beneficiary-designation-mistakes-to-avoid.html Turning 18: Why a Power of Attorney is Essential for Young Adults: https://www.cornerstonetrust.net/blog/turning-18-why-a-power-of-attorney-is-essential-for-young-adults Achieving Your Goals: An Evidence-Based Approach: https://www.canr.msu.edu/news/achieving_your_goals_an_evidence_based_approach Timestamps [01:36] Term life insurance: how to calculate exactly how much you need [05:43] Disability insurance: the stat that should change how you think about risk [08:25] Beneficiaries: the mistake most people make when they open their first account [10:41] Financial and healthcare power of attorney: why every adult needs these documents [13:55] Loss aversion and mental accounting: the two biases hurting your financial decisions [16:33] Why writing down your goals makes you 33 percent more likely to achieve them [18:04] Case study: Kayla and Derek, the same accident, two completely different outcomes

    27 min

  4. APR 21

    What to Do When the Stock Market Goes Down - 30

    Action Item: Write down your investing plan this week and include what you are investing for, where you are investing, how much you are contributing, and when those contributions happen. Summary:In this episode, I walk you through exactly what to do the next time the stock market goes down and why the anxiety you feel in those moments is completely normal. I break down the difference between a market drop and a market crash, explain why time is your biggest advantage as a young investor, and show you why dollar cost averaging through a downturn is one of the most powerful things you can do for your long term wealth. I also introduce Dani and Brett, two coworkers who started investing at the same time with the same amount of money and made two very different decisions when the 2025 tariff turmoil hit. The case study shows exactly how staying consistent and doing nothing beats trying to time the market every single time. Resources & Links Mentioned: What We've Learned From 150 Years of Stock Market Crashes - https://www.morningstar.com/economy/what-weve-learned-150-years-stock-market-crashes Market Drops Explained: Why Young Investors Shouldn't Worry - https://pricelesstay.com/glossary/market-drops/ Guide to Stock Market Dips and Downturns - https://www.fidelity.com/learning-center/personal-finance/young-investors Does Market Timing Work? - https://www.schwab.com/learn/story/does-market-timing-work Investing During a Down Market: How to Dollar Cost Average - https://www.fidelity.com/learning-center/personal-finance/bear-market-investing Managing Your Stock Market Psychology - https://www.kiplinger.com/investing/managing-your-stock-market-psychology Timestamps: [00:00] The feeling every investor dreads and why you are not alone [01:41] What history has taught us about every single market downturn [04:37] Why market drops and market crashes are not the same thing [07:02] Why being young is your biggest investing advantage [09:49] Does market timing actually work? What the data says [12:00] What dollar cost averaging is and how to use it [14:41] How dollar cost averaging held up during the 2008 financial crisis [16:15] The emotional side of watching your balance drop [19:25] Case study: Dani vs. Brett and two very different choices [26:09] Your quick win and action item for this week Email me at fpyapod@gmail.com

    28 min

  5. APR 14

    How to Use Your Tax Refund (And Why You Shouldn't Want One) - 29

    Action Item: Look at your most recent tax refund and divide that number by 12. That is how much extra money per month could be in your paycheck with the right withholding. Write that number down and ask yourself what you would do differently every single month if that money was already yours. Schedule a call with me: https://cal.com/earlybirdfp/chat Summary In this episode, I break down why a big tax refund is not the win most people think it is, and what you can actually do about it. I walk through the real opportunity cost of overpaying the IRS every paycheck, from missing out on high yield savings rates to leaving debt interest piling up while your money sits with the government earning nothing. I cover how to put your refund to work right now whether that means building your emergency fund, paying down debt using the snowball or avalanche method, or finally getting some money into a retirement account. Then I introduce Ryan, a 27 year old who thought his giant refund was helping him save, until he realized the IRS had been holding $480 of his own money every single month. The key takeaway: adjusting your withholding does not change your income, it just changes who has access to it. Resources & Links Mentioned Why is receiving a large tax refund a bad thing? https://www.taxgpt.com/answer/why-is-receiving-a-large-tax-refund-a-bad-thing IRS Tax Withholding tool https://www.irs.gov/individuals/employees/tax-withholding What to do with your tax refund (Fidelity) https://www.fidelity.com/learning-center/smart-money/what-to-do-with-your-tax-refund Should I Use My Tax Refund to Pay Off Debt? https://www.mindfullymoney.com/blog/tax-refund-pay-off-debt 6 Smart Ways to Invest Your Tax Refund in 2026 https://smartasset.com/financial-advisor/invest-your-tax-refund Your tax refund could be $1,000 larger in 2026 (CNBC) https://www.cnbc.com/select/average-tax-refund-2025/ We Were NEVER Taught About Taxes (Let’s Fix That) - 9: https://youtu.be/hLrqeDfxTV4 How to Harvest Gains & Losses on Fidelity: https://youtu.be/Qh49ePRj9mc Free Healthcare with an HSA - 6: https://youtu.be/dnOr-lkNxo8 FPYA Financial Planning Guide: fp4ya.com/guide Timestamps [01:39] Why a large refund is not a good thing and the real opportunity cost [04:56] What to actually do with your refund: emergency fund, debt, investing, and more [09:08] Using your refund to boost your retirement savings [12:10] Tax changes in 2026 and what they mean for your withholding [13:10] The fear of owing money and how the IRS withholding estimator solves it [15:21] Ryan's case study: how $480 a month changed everything [20:23] Quick win: divide your refund by 12 and see what it means for your monthly cash flow Email me at fpyapod@gmail.com

    24 min

  6. APR 7

    The Young Adult's Guide to Getting Started with Financial Planning - 28

    Action Item: Find one area of financial planning from today's episode that applies to your situation right now and take one step toward it this week. Free Guide: fp4ya.com/guide Schedule a call: https://cal.com/earlybirdfp/chat SummaryIn this episode I put together the definitive guide to getting started with financial planning as a young adult, walking through all seven core CFP areas in a way that actually makes sense for where you are right now. I cover risk management and insurance including why disability coverage matters more than most people realize and how to think about term life, how to start investing simply with index funds without overcomplicating it, a tax strategy called capital gains harvesting that could let you pay 0% on some of your investment gains, the Roth IRA and why time is your single biggest advantage, CoastFI and how hitting one savings milestone early could give you options for the rest of your life, the two estate planning items every young adult should handle today, and the psychology behind why we all know what to do but still struggle to follow through. I also walk through Riley's case study, a 26-year-old who had an emergency fund but had no idea what came next, and show exactly how she went from overwhelmed and paralyzed to having a simple automated system in just six months. You can grab the free guide to go along with today's episode at FP4YA.com Resources & Links MentionedCFP Board: Let's Make a Plan: https://www.letsmakeaplan.org/financial-topics/topics-a-z/starting-out NerdWallet: The Best Index Funds and How to Start Investing: https://www.nerdwallet.com/investing/learn/how-to-invest-in-index-funds SmartAsset: How to Start Investing in Your 20s: https://smartasset.com/investing/how-to-start-investing-in-your-20s Bankrate: Investing in Your 20s: https://www.bankrate.com/investing/best-ways-to-get-into-investing-in-your-20s/ White Coat Investor: Disability vs. Life Insurance: https://www.whitecoatinvestor.com/disability-vs-life-insurance/ Student Loan Planner: Life Insurance vs. Disability Insurance Guide: https://www.studentloanplanner.com/life-insurance-vs-disability-insurance/ Kiplinger: Coast FI Planning Could Be High Earners' Secret Retirement Weapon: https://www.kiplinger.com/retirement/retirement-planning/coast-fi-planning-for-high-earners-in-ai-age CFP Board: Psychology of Financial Planning: https://www.cfp.net/industry-insights/psychology-of-financial-planning How to Harvest Gains and Losses on Fidelity (YouTube): https://youtu.be/Qh49ePRj9mc What Is CoastFI and How Do You Calculate It? (YouTube): https://youtu.be/UcVyjqf5MV0 Episode 9: We Were NEVER Taught About Taxes: https://youtu.be/hLrqeDfxTV4 Timestamps [03:23] General principles: emergency funds and debt management [04:00] Risk management: term life insurance explained [05:55] Risk management: disability insurance and own-occupation coverage [07:50] Investment planning: index funds, ETFs, and the self-cleaning feature [11:25] Tax planning: capital gains harvesting and the 0% bracket [14:00] Tax planning: the Roth IRA and why time is your superpower [16:01] Retirement planning: what CoastFI is and why it changes everything [18:34] Estate planning: beneficiaries and healthcare proxy [20:11] Psychology of financial planning: why the mind matters more than the math [22:03] Case Study: Riley's Starting Line: I have an emergency fund, now what? Email me at fpyapod@gmail.com

    30 min

  7. MAR 31

    What Is Financial Literacy and Why It Changes Everything for Young Adults - 27

    Action Item: Share what you learned about financial literacy with a friend this week and have a money talk. Schedule a free call with Skyler: https://cal.com/earlybirdfp/chat SummaryIn this episode I kick off Financial Literacy Month by breaking down what financial literacy actually is and why it matters so much for young adults right now. I walk through some eye-opening research showing that people with low financial literacy are 2.5 times more likely to spend 10 or more hours stressing about money, and that knowledge gaps may be costing the average person nearly $1,000 a year. I also share a free self-assessment tool so you can see exactly where your financial literacy stands today, along with practical steps to start improving it. Then I walk through Tanner's case study, a 26-year-old who went from $6,200 in credit card debt and zero retirement savings to fully paid off cards, a growing emergency fund, and real confidence about his financial future, all because he started learning and taking small consistent steps. Resources & Links Mentioned TIAA Institute / GFLEC Personal Finance Index (P-Fin Index): https://gflec.org/wp-content/uploads/2025/05/2025-P-Fin-Index-Infographic-Brief-May-22.pdfWalletHub Financial Literacy Statistics: https://wallethub.com/edu/b/financial-literacy-statistics/25534WalletHub WalletLiteracy Score Test (take this and drop your score in the comments): https://wallethub.com/wallet-literacy-scoreCarry.com: How Financially Literate Is America: https://carry.com/learn/how-financially-literate-is-america-key-statsKhan Academy Free Personal Finance Course: https://www.khanacademy.org/college-careers-more/personal-financeIntuit: 7 Ways to Improve Your Financial Literacy: https://www.intuit.com/blog/innovative-thinking/financial-tips/how-to-improve-financial-literacy/Intuit: The Benefits and Importance of Financial Literacy: https://www.intuit.com/blog/innovative-thinking/financial-tips/how-to-improve-financial-literacy/Timestamps[00:00] Why low financial literacy is costing you more than you think[02:06] What financial literacy actually means and where Americans stand[05:37] Why this topic matters specifically for young adults and what it costs you each year[06:54] Take the WalletLiteracy test and find out where you stand[07:29] How to actually improve your financial literacy starting today[10:01] The real benefits of becoming financially literate[13:27] Tanner's case study: from $6,200 in credit card debt to financial confidence Email me at fpyapod@gmail.com

    22 min

  8. MAR 24

    First Quarter Check-in: Is Your Money Moving in the Right Direction? - 26

    Action Item: Figure out one goal you want to work towards over the next three months and write it down. Send it to me in an email and I will help keep you accountable as you work towards it over the next few months. Schedule a call: https://cal.com/earlybirdfp/chat SummaryIn this episode I walk you through exactly what to track, what to review, and how to set goals so you have real proof your money is moving in the right direction. I cover four key financial metrics including net worth, net worth growth rate, savings rate, and expense rate, and explain why tracking the direction of your money matters way more than just staring at a balance that doesn't feel impressive yet. I also introduce the Coast FI concept as a way more approachable target for young adults who feel overwhelmed by a $2 million retirement number. From there I walk through three things that are quietly costing you money or putting you at risk right now, your insurance, your credit report, and your recurring bills, and give you practical steps to review and tackle each one. Then I wrap it all up with a framework for setting real, specific, and automated goals heading into Q2. The case study follows Derek, a 26 year old making $72,000 with no real financial system, and shows exactly how he gets one in place without making any dramatic changes to his lifestyle. Resources & Links MentionedThree Financial Metrics You Need to Track Every Month: https://breakyourbudget.com/3-financial-metrics-you-need-to-track-every-month/Top Personal Finance Metrics 2025: https://thegildgroup.com/financial-health-metrics/Time for an Insurance Checkup via Consumer Action: https://www.consumer-action.org/english/articles/insurance_checkupHow to Get Your Free Credit Report via CFPB: https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5/AnnualCreditReport.comSave Money on Bills, A Practical Guide to Negotiate and Reduce Your Bills: https://www.finhabits.com/save-money-on-bills/How to Set Financial Goals via Fidelity: https://www.fidelity.com/learning-center/smart-money/how-to-set-financial-goalsFree Healthcare with an HSA - 6: https://youtu.be/dnOr-lkNxo8How to Adjust Your Goals Without Giving Up on Them - 23: https://youtu.be/075vDBDMMr0 Timestamps[02:01] The four financial metrics you need to start tracking right now[08:40] Coast FI explained and why it is a game changer for young adults[10:36] Insurance, credit reports, and bills: three things quietly costing you money[17:09] How to set specific, automated, and attainable Q2 goals[19:58] Case study intro: meet Derek and his situation[23:08] Building Derek's baseline with no major changes yet[24:33] Automating an emergency fund, tackling student loans, and investing with intention[28:24] Your action item Email me at fpyapod@gmail.com

    30 min
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About

Financial planning isn't just for the wealthy. It's for you wherever you are in your money journey. Whether you're making real money for the first time, juggling student loans, and drowning in conflicting advice. You want your financial life handled without the constant stress. I'm Skyler Fleming, host of Financial Planning for Young Adults, and here's what I believe: money is a tool to build the life you actually want. With my CFP education, I break down financial planning into practical steps: taxes, investing, debt, retirement, and more. Think of me as your money buddy. Subscribe now!

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