I Met With A Millennial Financial Advisor — Here’s What I Learned

I was a child during the Global Financial Crisis which means I have a crippling fear of credit cards and an aversion to looking at my bank balance. However, over the past few years, I’ve slowly (very slowly) been educating myself about finances. 

If like me, you also didn’t have parents who sat you down and helped you split up your first pay cheque, then you may be in a similar position. Aside from reading articles, listening to podcasts, and asking my friends about money, I’ve also begun employing the help of professional financial folks. 

In the spirit of financial education, I reached out to David Currie, a financial advisor and founder of Wealthy Self. The financial planning business focuses on helping young people in particular to achieve their money goals, whatever that may look like. Unlike accountants, financial advisors can literally advise you on where you should put your money and reach out to other financial institutions such as mortgage brokers and solicitors for you. As Currie describes it, financial advisors are the "gel" between a whole range of professionals. Ultimately, they can help clients to reach their life and money goals.

And one thing’s for sure, this is not your parent’s financial advisor. 

“In a past life, I've worked a number of different jobs for large corporations focusing on pre-retirees, and I basically got sick of making rich people even richer,” shares Currie.  

“I decided I actually want to help their kids, people my age and younger. We're in a very different situation now to our parents, and it's never been harder to get ahead financially.” 

After squeezing into Currie’s EOFY schedule, we jumped on a Zoom for one of his free initial chats. Here’s what I learned when I visited a millennial financial advisor.

From what I’d seen in TV and movies, financial advisors lay out all of your bank statements and tell you off for spending $50 at MECCA. In reality, Currie firstly wanted to get to know me. Where I live, what I do for work, my general feelings towards money, where I’m at financially and what I’m working towards. 

“Part of what we do here is we help you get really clear on your goals and objectives. So for instance, it might be, ‘I want to save money.’ What are you saving money for? Is it to buy a home one day? If so, where would you like to buy?” Asks Currie. 

“We just keep working through that goal until we start to notice the 'who, what, when, where, why, and how'.” Currie shares that by visiting a financial advisor it can help you to figure out your values, plan for your future, and actually feel excited by your finances. 

Another theme that kept popping up throughout our chat was the one privilege that young people have on their side; time. 

“The ability to earn income and the ability to grow income are really the two biggest assets that we have as young people,” says Currie. While the housing market and cost of living may be stacked against us, by getting your finances in order at a younger age, you can make your money work for you.

Financial advisors like Currie can help you out when it comes time for your annual review or give assistance in splitting up your cash flow so that your goals are being looked after.

Speaking of cash flow, Currie mentioned that in a follow-up appointment, an advisor can help you to figure out if your money is breaking even (meaning you just earn enough to cover your outgoings), or if you’re in a deficit or surplus. Getting across your cash flow means you’ll have more direction and can allocate any surplus funds to your goals.

It'll come as no surprise, but Currie mentions that the cost of living in 2022 is ridiculous. 

“That's not getting any easier right now with inflation and interest rates increasing. These things make it harder for young professionals to get ahead.” What Currie encourages, however, is to remove any “comparison-itis”. 

“That can really get you stuck in a rut,” he says.

“It's human nature to compare. But what we don't know, and what is never known, is what financial situation someone is in. And the point is, it actually doesn't matter." Currie says not to worry how your neighbour afforded that nice car or what your friends are buying properties for, because we're all running our own race.

In short, if it doesn't align with your values and goals, don't get swept up in keeping up.

It’s an old adage but as life becomes more expensive, Currie shared a good reminder that a man is not a financial plan. 

“Unfortunately, as a product of the system, women need to work harder to earn money.” 

With factors like years out of the workforce and lost superannuation when raising children, women do tend to fall behind when it comes to retirement and wealth building. In fact, a report by AustralianSuper found that women retire with 40% less superannuation than men.

Currie notes that as a financial advisor, he has these tough conversations with his clients, young women in particular.

“If you're intending on having a family, then you might be off for 12 months and then you return to work three or four days a week. Therefore, whatever superannuation you're going to miss out on, we get your partner to super split that into your account for the time that you're actually on reduced hours.” 

“What I try to create with clients is a lot of equality in terms of money," says Currie. Sounds like a smart and safe idea.

Of course, not everyone has the privilege and access to a financial advisor. I ask Currie how people can get ahead when they can’t afford professional financial services.

Currie recommends first getting an old-fashioned piece of paper (no, not a screen) and writing down your goals with these questions: What's your number one goal? How much does it cost? What's the timeframe? And how badly do you want it?

"Put it up on the wall, put it up on your fridge, whatever it is, write down your goals, because as soon as you write them down, it makes them a bit more real."

The second thing is to look at your own cash flow and budgets. Currie mentions there are a tonne of free apps out there that can help make this easier for you.

"You can see, in a very quick snapshot, how much you earn, how much you spend, and roughly where it's going each month."

After those two steps, pay your goals first.

"The fundamental shift is having a clear goal, knowing what your cash flow looks like, and paying that goal first before you you pay the bartender."

Ultimately, coming away from the financial session I actually felt excited by my finances and my future (a rare thing in the age of COVID and climate change). I may not have made the best money decisions in the past but by educating myself now in my mid-twenties, perhaps I'll be able to achieve all of the goals that money can buy — yes, even the more expensive ones.