Have you ever wondered what it is like to be a financial planning student?
Stranger: “Hey what is your major?”
Me: “Oh, I am a financial planning major.” *Starts to cringe because you know what is to come*
Stranger: *eyes light up* “OMG! Can you help me get rich and predict the next apple or amazon stock that I can invest in so I can then retire by 36!?”
Me: *Walked away after hearing, “Predict the next…”
This blog is for every young professional, every college student, and more than anything, this is for every financial advisor dealing with Gen Z clients.
The Young Ones
Look, I get it; I want the Benz, the 8,000 square foot house, all the shoes, and the annual vacations to Maui all by 23. (I am 22). None of these things are bad desires to have, but they are just a little unrealistic. I think this desire we have inside to be successful financially is a little skewed because of the culture and society we have grown up in. Hear it from me first: That type of lifestyle is EXTREMLEY unrealistic. Above all, it is not sustainable, and I will explain why.
I think the late Nipsey Hussle was on to something. He is getting at what I am trying to say in his song Blue Laces 2. He said, “I F**k with Rick Ross cause he teaching wealth.” This statement that he made was honestly ground-breaking. It was ground-breaking because he is pointing to the fact that wealth is a lifestyle. This is something to be taught. Anyone can become rich. People must be taught to become wealthy. I will try my best to teach you this difference. My goal is to give out information that is true and can be attained.
My second favorite wealth management professor, after Texas Tech’s Dr. Salter, is Sean Carter, aka Jay-Z. In his song “The Story Of O.J.”, he has a verse that should be stapled into every intro to financial planning textbook…
So welcome to intro to financial planning taught by Professor Odaro Aisueni. (Maybe one day?) Class, here is your first reading:
“Financial freedom my only hope, F**k livin' rich and dyin' broke, I bought some artwork for one million, Two years later, that sh*t worth two million, Few years later, that sh*t worth eight million, I can't wait to give this sh*t to my children” -Jay-Z
Okay this is it. Right here, I wish every 23-year old college graduate could understand the richness in his words, “Or should I say wealth”. I wish everyone could hear the experience and failures in this verse. This is music to every financial advisor’s ears. You can see Jay-Z’ s money has direction. It has an end goal. His investments are directed somewhere. He is building wealth so that his children may receive the benefits. This is a key difference between wealth and living rich. Wealth is not only sustained, but it goes beyond yourself. Wealth has direction and a plan. Now being rich, you just kind of… do whatever because the money is there.
Hey, it is okay. You can live a rich lifestyle, but you will probably die broke. This is such a sad reality that I think many of my peers will experience.
The trips to Maui, the nice cars, and expensive jewelry are all cool. Then, the pain comes whenever you finally meet with a financial advisor whenever you’re 55 and find out retirement is not set to 65 anymore, but rather 70. You will have to rely on your children’s income until death. Yeah, the trips to Maui every year do not sound so nice anymore, huh?
So, Professor Odaro has an assignment for you guys. Take out a sheet of paper, or your iPhone (save the environment). Think about the things you truly want in life, such as the differences you want to make, the people you want to affect, and the things you would like to do for your family, your goals in life, things you want to accomplish, that promotion, the designation next to your, and graduate degree. Whatever it is, write it down, and then we’ll move from there.
Mari Kate Northcut
Jay-Z, The Life Of O.J. S. Carter Enterprises, LLC, 2017
Nipsey Hussle. Blue Laces 2. Atlantic Recording 2018