making money matter

by Jessica Goosby; photography by Stevye Murray

Would you prefer a latte now, or $80K later? Though the answer is obvious, the path from option A to option B might not seem so clear cut. After meeting Justin Law (the new finance whiz in town with Strategic Wealth Specialists) we’re finding it may be in our best interest to evaluate our financial strategies, as the times, they are a changing. If you’re without a financial strategy (regardless of age or bank account), you’re shortchanging yourself! With his unique approach, Southern charm, and a personal story of his own, he relocated to the Bay to pursue a career he adores and found love along the way. Thankfully, he brought his easy to understand lingo for what terrifies us, too.

Ever heard of a wealth specialist? The title alone might solicit paralyzing fear or even a condescending chuckle. But, the fact is, this is exactlyhow you acquire wealth. And there’s no minimum dollar amount required to work with Justin Law. Not always the case, we we’re thrilled to sit down with him because, as he says, “You’re never too young or too old to start preparing for tomorrow and the future.”Aware that many young people put off wealth management and planning (and many in the over 50 category figure it’s too late to bother), Justin assures that deciding to engage will be the best decision you make in your entire life. We figure the word “wealth” in wealth manager could be part of the problem. “There are so many preconceived notions about working with someone in my industry,” says Justin, a Managing Associate with Strategic Wealth Specialists.

With so many feeling they’re not where the “should” be financially, shame plays a role, too. “I teach my clients not to focus on decisions made before we begin working together, but rather the immense opportunity that lies ahead, especially by having an accountability partner to help them make the most optimal decisions from that point forward,” Justin shares, adding that many young professionals feel they should wait until they earn a higher salary to work with someone like him. “That’s another falsehood,” he insists, adding that it’s not about how much youmake, but how much you keep. “Young professionals face many issues such as how to efficiently pay off student loans, when to purchase a home, figuring out the most efficient mortgage, finding the most optimal way to take advantage of their 401(k), and more. The earlier someone works with a financial professional, the better the options that lie ahead will be!”

Helping small business owners develop a path for succession planning and transferring their businesses to the next generation fuels another part of Justin’s flame. “My experiences in a family business have given me a passion for working with small business owners in the business planning space,” he shares. “I assist them by obtaining informal business valuations, help them strategically protect and grow that value, design compensation packages for valuable employees, build efficient cash flow management systems, craft efficient succession/exit strategies, and coordinate their business balance sheet with their personal balance sheets.” Basically, he’s a living, breathing calculator with a personal desire to see you, your business, and your future thrive. Justin, where have you been all our lives?

But you don’t have to own a business or be insanely wealthy to pop in for a chat. In fact, Justin can help with a slew of financial services including insurance, disability income insurance, and annuities, to dental, vision, 401(k) plans, and more. “There is no minimum amount of assets to be able to work with me,” Justin insists. “Working with me requires just two qualifications: First, one needs to have some level of existing income or assets, and second, they must have a desire to make the most optimal decisions regarding their income and/or assets and be willing to take action when a feasible path to improvement is presented. If I show someone a feasible path to improve their balance sheet and they are unwilling to take action, then we’ve both wasted time.”

We admit, we’re not always the best stewards of our own money. Often victims to the random “impulse buy” or “treat yo’self” mentality, it’s easy to overlook how fast those little indulgences can snowball into something big. “In my practice (and our entire organization), we teach clients how to evaluate financial decisions based on the ‘Lost Opportunity Cost’ concept,” Justin explains. “This means that every time you make a decision to allocate $1 to any purpose — be it to pay off debt, contribute to your 401(k), or buy that $8 Starbuck’s latte — you not only allocate that dollar to that purpose; you also forego everything else that dollar could have done for your balance sheet for the rest of your life!”

And he’s got examples. “Say you purchase an $8 latte a mere three times per week (assuming 48 working weeks in a year). That amounts to $1,152 per year!” he warns. “But, instead of purchasing that latte three times per week, you were to, say, place that $8 in an account earning a 5 percent rate of return, in five years, you would have $6,684. In 10 years, you would have $15,214. In 30 years, you would have $80,364!” Wait, what? That must-have latte is not costingyou $8... it’s costing your future self $80,364! Nowthat’s an expensive latte! Aaaaaand we’re putting the coffee down. “The biggest mistake I see is people leaving themselves exposed to unknown risks. Having an accountability partner to point out potential problems you don’t see coming with a broad perspective to let you know you’re not alone is key,” Justin shares. “The No. 1 pitfall of not working with a financial advisor is human behavior. If left to make choices at our own whims, the rate of success is substantially reduced. It’s my job to bring unbiased guidance and ‘help my clients get out of their own way.’”Surprisingly, Justin shares women are often better savers than men. “From my experience, the average woman finds comfort in the security a well-thought out strategic plan provides,” he shares. “They want to know they’re on an optimal path and there’s a recourse for all the ‘what-ifs’ along the way. From the husband’s perspective, it goes back to the age-old adage, ‘Happy wife, happy life.’ I find a strategic plan leads to a much more evenly-yoked relationship.”

Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Strategic Wealth Specialists, LLC is not an affiliate or subsidiary of Guardian. 2021-130302 Exp. 11/23

Strategic Wealth Specialists

3213 Executive Park CircleMobile, AL

251.472.4400

StrategicWealthSpecialists.com

This post has been modified for the length on the web. Read the original article in full in the December 2021 issue of ACCESS Magazine.