NEW HARTFORD -- As a part of financial literacy month, a local investment company is looking to educate local millennials on how to be financially savvy.
Matthew Savery, chief investment officer of M. Griffith Investment Services, says it's important to start saving and investing while you're young, but a lot of millennials may not have the financial planning skills to do so.
He says he wants to give millennials the tools they need to start saving today.
According to Savery, 80 percent of millionaires are first generation millionaires. He says even if you don't have a lot of money, anyone who starts financial planning early-on has the ability to become a millionaire.
At the workshop, Savery discussed key factors to investing that could help millennials achieve millionaire status.
"Diversification is really the key, don't invest in just one company or one stock,” Savery said. “You got to be diversified and cost is very important to look at, so you want low cost investing. For long term discipline. It's really a lifetime of saving and investing, and any millennial can do it."
Savery went over some do's and don’ts of investing. For example, he says “do”: start saving early-on so you can take advantage of compound investing. He says “don't”: get a credit card where you pay interest. Savery says a way to avoid paying interest on credit cards is to try paying it off every month.
M. Griffith is holding another 'Millennial Millionaire' workshop Thursday, May 3 from 5 p.m.-6:30 p.m. To register for the workshop click here.