Westfield Financial Advisor Tells Young Adults 'Pay Yourself First'

Veteran financial advisor Mitch Slater is offering young adults some helpful hints to avoid common personal finance mistakes. Appearing on FinLitTV, the Westfield resident has been using social media to share his insight throughout April, dubbed Financial Literacy Month.

In the attached video, Slater, with a quarter-century of experience in the financial services industry, discusses the importance of establishing the difference between "wants" and "needs" which can be key in avoiding mounting credit card debt.

"When it comes to retirement, you're going to need money in the future and there's no better opportunity than the 401(k) plan at your company, especially if they're paying you five or six percent to match it," Slater opines. "So, remember, folks, if you have credit cards, that's ok, pay it off, but most importantly, pay yourself first."

The senior vice president at UBS also recently shot a video with Hollywood actress Rachel G Fox. The teen who appeared on 'Desperate Housewives' and 'Private Practice' has gone from star of the silver screen to stock trader. She maintains the stock blog Fox on Stocks and can also be followed on Twitter at @FoxonStocks. Check back with Patch for more on that story over the next several days.