Updated: Oct 1, 2019
Personally, one of my favorite Actors of all time is Leonardo DiCaprio. He puts passion into his roles and has the ability to captivate the audience and immerse your thoughts.
During Christmas break of my junior year of high school, the new movie “Wolf of Wall Street” hit theaters. Twitter and every other social media outlet that I- and every other teenaged kid indulged in- were talking about the excitement and allure of this movie. I had to get in on the fun, and fortunately, the girl I liked at the time wanted to go see it, too. I snuck myself into this R rated movie (disclaimer I do not condone this act), and I was amazed. My amazement was not by the elaborate parties, drugs, or women, but by the stock market. I wanted to be a part of whatever that was. I knew I had gift whenever it came to speaking with people. “My God”, I thought, “I could be a millionaire by 27.” Then I drove home in my 2009 Ford Focus, and my parents took my keys for not washing the dishes. I quickly forgot and did not care about the movie after that.
Fast forward almost six years later, and boom, I am studying Personal Financial Planning at one of the top programs in the nation. Sorry to burst your bubble, but this story is not going where you think it is. My second semester in the program I enrolled in “Asset Management”. I was excited to learn about the excitements of the investment world, and above all, find out how I was going to pay off these student loans before graduation. Then, Dr. Guillemette came to hurt my teenage dream when he taught about the Efficient Market. What is the Efficient Market? For my friends who know nothing about the financial world, to keep it simple, the Efficient Market means “You cannot finesse the system”. Also, for my friends who have no idea what the word finesse means, go to the Urban Dictionary.
The point of this theory is that you cannot beat the market, because if you could, you would and it would be exploited. If you are wondering what I am trying to get at, I will give you three things young people should know. (1) Most young people are broke. I am not saying you cannot get that Lexus you have always desired, I am saying instead of 27 maybe wait till 34. (2) “Get used to hearing this type of financial advice”. Once you accept this truth, it will make your financial life a lot less stressful. Two studies show that over time the most efficient way to accumulate wealth is… wait for it…. Your attention span is probably running out by now. The answer is “time”. Do not get me wrong it is not just time. Some great financial advice from a CFP will definitely aid you in your financial journey but give yourself some time. (3) Focus on your cash flow and debt management. This is the bread and butter to everyone’s financial freedom. Learn how to control your spending and manage your debts you will set yourself up for a lifetime of success and your financial planner from a lot of headaches. Also, Jordan Belfort went to jail for a reason.