You don't need gray hair to have an advisor.

• Preconceived notions about advisors (01:06)
• Starting young: a game changer (02:41)
• Do you want an advisor? (04:55)

Quote for the episode: "That's the power of when we start young- it's exponential growth, the money gets to grow on itself."

Securities offered through TFS Securities, Inc., Advisory Services through TFS Advisory Services, a SEC Registered Investment Advisor Member FINRA / SIPC.  TFS Securities, Inc. located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.

Welcome to the Enjoy More 30s: Family Finance

podcast, the only podcast dedicated to making life more

enjoyable for young families by hitting on the financial topics

that tend to weigh on us, stress us out and distract our focus

from simply enjoying life.

Hello, and welcome to the last of the first seven

episodes here on the Enjoy More 30s: Family Finance podcast. So

today's title is, "Aren't Advisors for Old People?" And

what we're going to cover today is what you need to know about

working with an advisor, and what you can do about actually

finding the right one if so. Now in our office, if you hear

ringtone go off during lunch, we pretty much just all look at the

people that are over 50 in the office to see who's going to

answer their phone. My phone has probably been on silent or

vibrate for so long- I can honestly tell you, I have no

idea what my ringtone would be if I happen to ever turn it on

again. The thing is, we all still do have cell phones. And

we all need cell phones. And we just may kind of need them a

little bit differently based on what generation we come from.

So what you need to know is when it comes to having an advisor,

there are some kind of generational items that can be

at play just like with the cell phone. Most advisors, and this

is kind of a fact, most advisors are pretty old. There's really

only been one generation of advisors. So your grandparents

probably didn't even need an advisor because they had

pensions, Social Security, and just frankly, a shorter life

expectancy. The advisor profession is really only around

30 years old at most. So it's still really, really new, and

this can kind of shapes our mindset that advisors are for

old people. The other fact that goes into this kind of mindset,

and I'm going to take a quick second to jump up on my soapbox

here, is that my industry as a whole is, in my opinion,

terrible at providing advice to young families and young people

in general. Advisors get paid more when there's more money

involved. So who do they, you know, who do they chase? They

chase people about to retire, or families that have established

wealth. And that's just kind of how it is.

So you turn on your TV, and you see commercials. And these

commercials are predominantly with what kind of people? I

generally see them with people that look like my parents- look

like my parents meeting with advisors. And again, so they're

subconsciously telling you that advisors equal for old people.

So you're not really wrong at all for thinking that because

that is quite literally what they're telling you- advisors

are for old people. The ironic part of it, though, is that when

you're young, getting proper advice is just exponentially

more powerful. It's like training before you start

running the race. Insurance is likely cheaper and much easier

to get because when you're younger, there's a much better

chance that you're going to be healthy, and investments have

more time to do more. A theory of mine, that I've kind of

developed over my 12 years so far in the industry, is that

almost every middle class family in America could probably save

$100 a month more if they really wanted to. If you look at your

credit card bill, I would almost guarantee that it varies by more

than $100 a month. And if that's true, that probably lends to the

idea that $100 a month more is probably something that you'd be

able to do. Again, if you really wanted to.

Let's say that you went to an advisor at some point, and they

were able to point this fact out to you. So you were able to save

an extra $100 a month that you otherwise would not have done.

If we assume a 7% annual return, that $100 a month, over 20

years, you'd wind up with around $50,000. So not too bad. Now,

let's say because we're all young here that we didn't do it

for 20 years, we did it for 30 years. That $50,000 now would

turn into $120,000. So almost two and a half times as much for

that extra 10 years. That's the power of when we start young-

it's exponential growth, the money gets to grow on itself.

Now if we stretch that out over even further, let's say that you

were smart enough to get this advice right after graduating

college. You may be able to squeeze in 40 years worth. And

now you're all the way up to $260,000. So time is money kind

of takes on a whole new meaning. And this is just for $100

example. Let's say that we doubled it to $200 a month- that

wouldn't be crazy right? Now, instead of 260,000 over 40

years, you're up over $500,000. It really doesn't take much to

see how impactful time can be when we're dealing with

investments and letting that money grow on itself. And a lot

of times it's just starting off with the right mindset; just

starting off with getting some of that proper advice when we're

So what can you do? The first thing is kind of ask yourself if

young.

you may be assuming advisors are for old people. If I was not in

this industry, and I just got my financial information from TV or

wherever else, I would probably assume that that's true. Now,

you obviously do not have to have an advisor. But really ask

yourself, if this may be a preconceived kind of notion that

you already have, or if you're making a conscious choice. The

determining factor should not be age at all, is pretty much my

point- it should be desire. If you don't want an advisor, you

want to self manage, then that's great. That's your choice, and

if I can help with this podcast at all, then that's just

fantastic. But if you like the idea of having a professional

guide you, helping to provide protection and direction and all

that kind of stuff, then don't assume you have to wait until

you're in your 50s.

So a quick recap of the episode today. Ask yourself, do I think

advisors are for old people? Am I subconsciously kind of

thinking that? Is that something that's in my head as a

preconceived notion. The second thing is kind of acknowledging

the fact that if I start young and I make the proper decisions

now, what a kind of growing exponential effect, in a

positive way, that that could have for me. The last thing is

asking yourself, do you want an advisor? And if so, when you

would want to have one. You absolutely do not have to have

an advisor. However, make it a conscious choice one way or the

other, and don't get to a point where you're 55 years old, and

you start thinking like, "oh, maybe I should have one of these

things." So have some kind of a plan ahead of time. My firm has

young clients that are scattered throughout the country. We're

definitely not the only firm out there that does. So just because

it's not something that is predominant, doesn't mean it's

not something that you can't find if you take the time to

kind of look at companies that are out there that can help and

looking to help with young families.

As always, thank you so much for joining today. Really had a

great time with these first initial seven episodes in the

"Your Money Mindset" series. As always, if you did enjoy this

episode, please don't hesitate to review us on Apple podcasts

or wherever you may be listening. There are literally

millions of young American families out there I'm trying to

reach and help just like you. Stay tuned, coming up soon there

will be one last episode- a recap of this first initial

"Your Money Mindset" series. Gonna hit on all of these major

topics so you have everything in front of you here with your

spouse and one episode. And you can take some time to really

remove some of these items, again, that caused us you know,

anxiety, and hold us back from really being able to just focus

on enjoying life. Which again is the whole point of why we're

here. Thanks very much and look forward to connecting with you

again soon.

The conversations on this show are

Joe's opinions and provided for general information purposes

only. They do not constitute accounting, legal tax or other

professional advice for your specific situation. You should

always seek appropriate advice from a financial advisor,

accountant, lawyer or other professional before acting upon

any content or information found here first. Joe is affiliated

with New Horizons Wealth Management LLC, a branch office

of TFS securities Inc, and TFS advisory services and sec

registered investment advisor member FINRA/SIPC.