The Millennial Money Problem with Douglas Boneparth
On this episode of Martinis and Your Money, I am talking to Douglas Boneparth, President of Bone Fide Wealth and Co-Author of the book, Millennial Money Fix. Doug joins me today to talk about what exactly the Millennial money problem is and how it can be fixed. As an added bonus we also get into some reasons why the current financial planning model stinks, especially for Millennials, and how you can find a good financial planner to work with.
What are we drinking?
Douglas — Hibiki 12
Shannon — Dirty Gin Martini
- Douglas grew up in the financial planning business, as he is the son of a certified financial planner.
- In college, he was sponsored by his father for his licenses and learned the business by working with him.
Douglas spent a lot of time working with older clients right out of college.
- You don’t need to have a background or degree in finance to become a financial planner, there are training programs that you can take. You need to be able to interact with, and have a love for, people.
- Douglas created a video on YouTube called Every Young Financial Advisor Needs to Hear This, that explains two ways for young people to get into the industry today and take advantage of a great opportunity.
- The market is shifting away from the brokerage mentality to the advice and service mentality. The old school of financial planning is having an advisor manage your money and trade stocks and bonds for you. The new world of financial planning is the wholistic approach to helping people with their money.
- If you are having a tough time getting your game plan in order, bring in a new quarterback. If the game changes in a positive way, keep that player on your team.
- Sometimes investing in an advisor will pay for itself.
- The lack of financial education and being financially illiterate is a societal problem, but it has caught up with Millennials more than anyone else. Student loan debt, the labor market, and the high cost of education is making it harder to achieve the great things in life.
- Doug and his wife, Heather, wrote the Millennial Money Fix to help people be financially literate and learn the personal finance lessons that are not being taught.
- Don’t be embarrassed if you don’t understand money. The majority of people do not understand it, because there is a lack of education around personal finance both in schools and in homes.
- The cost of college education has gone up 500% from 1986 to present day. If you make the loans available, students will take them.
- You cannot afford to be financially illiterate anymore.
Most people are taught about time management and health, but not about money. Financial education is our individual responsibility.
- Financial information is now readily available through blogs, videos, podcasts, and books. Find the resource that resonates with you.
TAKEAWAY: The millennial money problem is actually not a problem for just millennials. Financial literacy is a problem that plagues all generations but with all of the tools and resources available now, it hopefully will not remain a problem for future generations.
Random Three Questions
- Where is a place you’ve visited that you would like to go back?
- What is a show you like to binge watch?
- If you won one million dollars, what would you do with it?
Connect with Douglas:
If you’re going to set a New Year’s resolution to start fixing your financial literacy problems, I hope you’ll reach out to my team at the Financial Gym. We work with our clients continuously to help them not only become more financially literate but to also make smarter money choices along the way. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!