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May 2026by Madelaine B. Landry
For first time college students, more independence sounds exciting.
High school is in their rear-view mirror. They’re now attending and choosing classes of their choice. They are free from ringing bells, hall monitors and recess. However, with that independence comes responsibility. Students find themselves learning to navigate the reality of class attendance usually on a larger campus, part-or full-time work and incurring real adult debt. Planning their finances can be challenging. Just like using Google maps to get around, it is helpful to have a plot outlining how to earn, save and budget.
Thrive spoke with The Griffith Financial Group of Wells Fargo Advisors in Lake Charles for additional financial insights. They shared why young savers should consider a long-term mindset. Michelle Wan, Wells Fargo Investment Institute lead wealth investment solutions analyst, has met many younger clients who have had reservations about saving and investing. Together they identified four key considerations that help young adults create a mindset to succeed with saving and investing for the future.
Adopt a Planning Mindset
One key factor is having a planning mindset—a positive and proactive stance that could set savers on a path to positive financial outcomes. A planning mindset can provide a road map that can help strengthen a person’s financial future.
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Start with Small Changes
Small changes in your financial behavior today could have a big impact on long-term success. Creating a budget, building healthy financial habits and becoming more comfortable and familiar with investing could go a long way in contributing toward achieving long-term financial goals. Some practices to consider:
• Automatically transferring part of your income into a savings account or an investment account.
• Paying down student loans to avoid late fees and damage to credit scores.
Begin Saving and Investing Now
Start saving for retirement as soon as you can. The sooner you start, the more time every dollar saved has the potential to grow. If dollars saved early in your working years generate investment gains year after year, they can have a much bigger impact on the size of your account balance at retirement than you might think. Thanks to the power of compounding, as the dollars invested potentially earn returns, those reinvested returns can start earning returns, and so on—year after year.
“For younger investors, compounding returns become especially powerful given their longer time horizon, so an early start can make a dramatic difference in helping investors reach their financial goals,” says Wan.
Take Full Advantage of Retirement Savings Plans
If your employer offers a Qualified Retirement Plan (QRP), be sure to participate— and max out any kind of matching-contribution offers. They are the equivalent of free money. Roth IRAs—to which you contribute after-tax dollars—are also worth a closer look because they offer tax-free growth potential. Investment earnings are also distributed tax-free in retirement if specific requirements are met.
“Another savings vehicle to consider is a Health Savings Account (HSA), which offers tax benefits to qualified investors,” Wan says.
A discussion with an investment professional about your investment goals can help you develop a long-term plan and strategies to potentially help you achieve those goals.
Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. Wells Fargo & Company and its affiliates do not provide tax or legal advice. This communication cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this information may apply to your own situation.
This article was written by/for Wells Fargo Advisors and provided courtesy of Tonya Jones Griffith, Senior Vice President – Investments in Lake Charles at 337-439-9081. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. ©2023 – 2026 Wells Fargo Clearing Services, LLC.







