Finance

1 Habit of The Wealthy No Millennial Should Live Without

Handsome young man throwing money over dark background

The New York Times has written a couple of articles in a series dubbed “Buying Power.” It’s a series that illuminates and exposes how the ultra-wealthy are writing and rewriting the world around us to serve their needs from funding political campaigns (on both sides of the aisle), using high powered lawyers and accountants to manipulate the tax system, to setting up advantageous shell companies to build out-of-code multi-million dollar mansions all over the world.

The articles are a fascinating glimpse into the perpetuation of power and money that are afforded to the rich. They show how much effort goes into securing, maintaining, and building wealth. Further, they show us just how intentionally the wealthiest among us are operating.

In stark contrast to the deliberate actions that the wealthy are taking, millennials are out there getting informal, non-professional advice, jumping from thought to thought, and delaying something extremely important and advantageous to their overall life: getting a financial planner.

A full 86% of millennials didn’t consult a financial advisor on their last large financial decision and the vast majority don’t have a financial planner or financial professional on which they can rely.

As I’ve started my company, Holberg Financial, I’ve come across the generic and sadly apathetic attitude of millennials with comments like, “I know I need your financial planning services, but I think I’ll wait.” And, “This is a great idea, but I just can’t afford it right now.” Incredulously, I think to myself in response, “What are you waiting for? Your time and money are more important now than they’ll ever be.” and “No, you can’t not afford it right now.”

We are a generation that is overloaded with some of the highest debt levels ever seen. We carry almost $8,000 in credit card debt, $24,000 in student loans (and climbing), and 95% of Americans are ill-prepared for retiring. Instead of actually thriving, we are like the limping buffalo during the Battle of Kruger, barely surviving.

I think all of us millennials need to ask ourselves one question: would a rich person, like the ones highlighted in the Buying Power series, ever consider managing their finances on their own? I just imagine myself asking a millionaire if they manage their own money and every time I can see their heads rolling back, laughter chortling forth, and then reaching out their arms to delicately pat my naive head like a small child.

“No. I would never try to manage my own money. I pay people to do that for me.”

Sadly, what is so fundamental and common sense to the rich is taboo, frowned upon, and feared by millennials and the middle class. While we might never be multi-millionaires nor billionaires, we can at least stop incurring self-inflicting wounds by thinking that we should avoid getting professional advice and services when it comes to money management.

As such, an imperative exists: I’m building Holberg Financial to serve thousands – no, millions – of the 80 million millennials out there that are either afraid or unaware of their financial planning needs. We cannot let the social stigma of having a financial planner stop us from maximizing our wealth, prospects, and overall quality of life. Unlike other companies out there, Holberg Financial strives to:

  • Educate you unbiasedly, we don’t hide information from you or try to sell products to you.
  • Use technology to help you understand your financial situation.
  • Be accessible and personal so you get what you specifically need.
  • Charge a fixed, flat, and transparent fee instead of some confusing fee structure.

If you aren’t taking the steps to intentionally plan for your financial needs, now (not later) is the best time to act. Don’t make excuses. The rich don’t. You shouldn’t either.

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