Who knew that Kelly Lannan, collegiate musician and ice hockey captain extraordinaire, would find her calling in financial services? Kelly shares that a career in finance wasn't on her mind as she collected her diploma on graduation day. Yet, today as the Director of Young Investors at Fidelity, Kelly engages with college students and inspires them to plan for their futures today. Find out the myths that her team busted in their Millennial Money Study (there are several!). Listen carefully and you may learn a new acronym too. What is JOMO and how can it shift your money mindset? Enjoy!

Details:

• 0:00–0:47 Introduction
• 0:48–5:04 Kelly’s (surprising) odyssey into the world of finance
• 5:05–8:33 Making investing relatable
• 8:34–11:44 The demographics of her college audience
• 11:45–16:15 Kelly Lannan, retired Union College Hockey Captain
• 16:16–17:54 Fidelity’s reflection of their commitment to young investors
• 17:55–18:20 A word from NGPF
• 18:21–21:42 Finance sans the confusing jargon
• 21:43–25:34 Into the mind of a Millennial
• 25:35–29:14 The 2018 Millennial Money Study findings
• 29:15–33:27 From FOMO to JOMO and “making frugality cool”
• 33:28–35:04 Kelly’s take on the FIRE Movement
• 35:05–35:53 Surprising statistics about Millennials
• 35:54–37:43 Conclusion

Resources/Topics mentioned

• Sallie Krawcheck: Closing the Gender Investing Gap
• The F.I.R.E. Movement
• Kelly met NGPF Team Member Yanely at FinCon
• Fidelity's leaders
• Abby Johnson, Chairman & CEO of Fidelity
• Kathy Murphy, President of Personal Investing at Fidelity
• Fidelity financial education website: Fidelity.com/mymoney
• Video: Stocks vs. Bonds 101 (in the NGPF video library)
• Target-date funds in retirement accounts

QUOTES:

• “Get in the [investing] game. Get started. It doesn’t matter how old you are.”
• “Over 60% of Millennials do have some sort of investment account but only 10% actually consider themselves as investors”
• “I think that’s where the disconnect is… It’s hard to kind of think of yourself as an investor when you might not have it all figured out regardless of the account you have.”
• “63% of Millennials think that their social media network does a negative influence on their financial well-being. And over 20% have found that it is their fear of missing out—the FOMO—that is actually driving them to splurge… Where it comes down to is that you always have to think about what is really important to you… You have to be able to set boundaries and practice that mindful spending.”

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.