Mar 18, 2024
What if the traditional financial planning advice you've been following doesn't align with your child-free lifestyle and goals?
In this eye-opening episode, Suja Shyam sits down with Jay Zigmont, a certified financial planner, MBA, PhD, and founder of Child Free Wealth. Jay sheds light on the often-overlooked financial planning needs of the child-free community, which makes up a significant 20-25% of the U.S. population. He challenges conventional wisdom and offers fresh perspectives on how child-free individuals can optimize their wealth-building strategies, enjoy their lives to the fullest, and plan for a future that doesn't revolve around leaving a large inheritance.
Jay Zigmont, PhD, MBA, CFP® is the Founder and CEO of Childfree Wealth®, a life and financial planning firm dedicated to helping Childfree and Permanently Childless people. Childfree Wealth is the first life and financial planning firm dedicated to serving Childfree people.
[00:00:00] - [00:03:14] Uncovering the Untapped Potential of Child-Free Financial Planning
Jay's personal experience as a child-free individual and the lack of representation in financial education
The significant percentage of the U.S. population that is child-free and underserved
The importance of addressing the unique financial needs of child-free people
[00:03:15] - [00:09:00] Redefining Purpose and Meaning in a Child-Free Life
Exploring the concept of "impact" and leaving a non-genetic legacy
The child-free midlife crisis: navigating personal, professional, and financial goals
Embracing the freedom to pursue passions and make unconventional life choices
[00:09:01] - [00:13:49] Optimizing Wealth-Building Strategies for the Child-Free
Challenging the assumption that real estate investing is always the best option
The flexibility and simplicity of investing in stocks, bonds, and equities
The importance of understanding investments and aligning them with personal goals
[00:13:50] - [00:18:25] Mastering the Art of Spending and Dying with Zero
The concept of "dying with zero" and its implications for financial planning
Strategies for determining the optimal amount to spend and give during one's lifetime
Overcoming the psychological hurdles of spending money and enjoying life
[00:18:26] - [00:27:22] Embracing the FILE (Financial Independence, Live Early) Mindset
The limitations of the FIRE (Financial Independence, Retire Early) movement for child-free individuals
The FILE approach: finding the right balance between work and leisure throughout life
Adapting financial planning strategies to accommodate a FILE lifestyle
"Everything is either pre-kids, post-kids. And when I say child-free, I mean people who don't have kids and aren't planning on having them ever in their life." - Jay Zigmont
"We spend more time with our clients about spending money than saving money." - Jay Zigmont
Connect with Jay:
Website: https://childfreewealth.com
Free copy of the book "Portraits of Childfree Wealth": https://childfreewealth.com/book
Podcast: https://childfreewealth.buzzsprout.com
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