On Thursday, the CFP Board published the results of a consumer survey they undertook this spring. Based on interviews of 1000 adults over age 25, they identified four groups: Concerned Strivers, Stretched Worriers, Confident Savers, and Tentative Savers. At 27% of the respondents, Concerned Strivers could benefit tremendously from financial planning, but many investment firms are not equipped to help them because they may have little or even zero in investment assets today outside of their 401(k).
“The Concerned Striver has many day-to-day challenges that make it hard for them to save with any regularity,” said CFP Board Consumer Advocate Eleanor Blayney, CFP®. “Concerned Strivers feel like they can deal with the immediate needs of their families, but may neglect saving for their own future. They have good intentions, adequate resources and employer-sponsored retirement plans, yet they feel they are unable to capitalize on these financial strengths.”
We have an acronym for Concerned Strivers: HENRY, High Earners Not Rich Yet. There are so many families and professionals here in Dallas who are in their twenties, thirties, and forties and have incomes of $100,000 to $500,000 and yet have little or no investment assets. Between mortgages, car loans, credit cards, and student debt, they may have a negative net worth with no relief in sight.
While some HENRYs are “not rich yet”, many will be not rich ever, based on their current trajectory. You can change this. If you are are a Concerned Striver, you need the guidance of a Fiduciary – an expert whose legal and sole obligation is to put your needs first – and not someone who gets paid a commission to sell you investments and then give you a “free” plan.
Many people assume that they don’t have enough assets to be a client of Good Life Wealth Management. I am a former educator and it’s in my blood to want to help people get started. I want to make a difference in people’s lives. That’s why we offer two distinct programs.
Our Premier Wealth Management program is for investors with over $250,000 and focuses on holistic financial planning, retirement preparation, and investment management. For our clients with under $250,000 – even $0 – we created our Wealth Builder Program to build a strong financial foundation and put you on the path to your first million.
With our Wealth Builder Program, we will help you accomplish your goals and priorities:
- Get out of debt: managing loan repayments and cash flow priorities.
- Invest monthly – however much or little you can afford – to build your wealth.
- Track your net worth annually to measure your assets and liabilities. Awareness creates behavior to increase assets and reduce liabilities. It’s like knowing you have to step on the bathroom scale Monday morning.
- Select employee benefits and advise on 401(k) decisions.
- Term Life Insurance, if you have a spouse or children. (The only life insurance a Concerned Striver needs).
- College planning for your children that considers all your other financial goals.
- Bring a “neutral” coach to improve communication about money with your spouse. A financial planner is still cheaper than a divorce!
The Wealth Builder Program is $200 a month, and is cancelable at any time if you are unsatisfied. That’s probably less than your cell phone bill or how much you spend on coffee. Make an investment in your future. Find out more here.
I know that every fifty-year old millionaire was once a thirty-year old facing these very issues and concerns. Some of those thirty-year old professionals will become financially independent if they make smart decisions. There’s no need to reinvent the wheel, I can show you what works. But it’s not one-sided. You have to be coachable: eager to participate actively and willing to make changes. If that describes you, we could go a long ways together as a team. What are you waiting for, Henry?