Heritage’s mother-son financial planning team Regina Beatty and Julian Grubbs were interviewed by Authority Magazine’s Jason Hartman for the five essentials for smart investing. The interview gives detail on a variety of topics that cover a large majority of the personal experience during their time in the profession. It provide a unique insight on a multi generational team.
Read below for snippets of Regina and Julian’s answers from their appearance:
Let’s now jump to the main core of our interview. According to a report in Fortune, nearly two-thirds of Americans can’t pass a basic test of financial literacy. In your opinion or experience what is the cause of these unfortunate numbers?
Julian: Modern education and corporate structuring. Modern education pushes kids to go to college to obtain a degree in hopes that they get a “good job”. I believe that message is systemically suppressing the younger generation’s expansion of innovation, curiosity and talents in exchange for the mediocre “status quo”. I initially followed that progression and didn’t have a clue of how my financial decisions 10 years ago had impacts on my life today and the future.
Regina: I agree with Julian — and would add that — most people can, but don’t learn much about finances. It’s easy to read a quick snippet online, sometimes objective, but sometimes with bias, skewing a basic understanding of how the financial world works and giving short definitive advice, but that doesn’t apply to everyone. In addition, there isn’t much training on the fundamentals that provide practical application to enhance learning about finances. Unfortunately, in our fast-moving world, many are not prepared to balance a bank account, plan for the future or understand the relationship.
If you had the power to make a change, what 3 things would you recommend improving these numbers?
- Foster and encourage creative/individualized learning approaches to encourage intuitive critical thinking.
- Implement basic financial acumen classes into all school systems starting at the standard working age. These classes would teach basics of balancing a checkbook and how credit scores and debt work.
- I do recommend most of my clients to invest for their kids. From estate transfer strategies or tax deductions to the basics of cashflow and investment growth, it provides benefits to the client and helps the next generation to become stewards of their wealth.
- Give children basic education and responsibility with small amounts of money — help them plan what they will do with it and in what time frames, fostering hands-on learning. A save half/spend half approach to things like monetary birthday and holiday gifts helps start the basic learning at a young age.
- Conduct financial literacy classes at community centers. I have done some of this for young women and their questions were meaningful, and they were appreciative of the information. Take those small opportunities to give good takeaways that can be used.
- Generational wealth planning. For our clients, we work diligently to find the right time and way to incorporate their children into the family wealth conversations, as well as help bridge their transition from parental dependence to adult responsibility. Things like student loan payment analysis, mortgage advice, college planning and determining the appropriate amounts to contribute to their retirement plans are just a part of how we help the children of our clients’ have meaningful financial conversations.
What are your thoughts about day trading, using apps like Robinhood? Can you explain what you mean?
Julian: Like the cryptocurrency points above, day trading also would have successful and unsuccessful stories to refer to the pros and cons of it. As comprehensive financial planners, we aim to develop a strategic approach to improve financial situations tailored to that client’s needs. Investments are one component of that journey. Statistically, creating and coordinating an investment planning process will provide more sustainable and measurable results.
Regina: Day trading is similar to the mindset of crypto. One of the biggest “mistakes” that inexperienced day-traders make, is not considering the impact of taxes on short- and long-term gains. We believe it’s not what you make, its what you get to keep of what you make that really matters. If a planning client wants a “little” day trading for fun, great, but more than that, would need a tax strategy to compliment it.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
Julian: “Evolve so hard that they have to get to know you again” — I believe life is a continual journey full of choices, changes, lessons, mistakes and growth all combining through the content of circumstances. These circumstances then become a reflection of how we perceive ourselves in relation to the world we encounter. Everyone has their own past of good and bad decisions with different circumstantial results. Through some of my past mistakes are where this quote became a pivotal mindset of always stiving to be better for myself and those in my life. At the end of the day no matter how good I think I am today; I should try my best to be better tomorrow. Learning from all life has to offer and holding myself accountable to always be the best version of myself. If growth continues, how would anyone know who you are after years apart?
Regina: “Be Grateful” –Being widowed with children at a young age taught me to be more grateful. Grateful that I was able to work. Grateful that my children were healthy. Grateful that we had enough life insurance to help educate the children and pay off the house. Grateful that I am surrounded by family with an abundance of love. Grateful for the wonderful relationships I enjoy with my clients. Grateful that I found a career that I love, that helps others.
To read the full interview with Regina and Julian, click Here