In this episode we dive deep into investment insight, on how to save for your future.
The People Helping People podcast is back after a long break. Over the last year, I went to Give Back Hack up in Cleveland, and pitched an idea to start a t-shirt screen printing company to employ youth experiencing homelessness. The idea was selected, a team was formed, and we launched Wild Tiger Tees. Working in partnership with the Star House, we’re helping mentor and employ youth in the Columbus area.
The youth that we work with are amazing – they’re all quite different with each navigating their own challenging situation – and usually without family or mentors giving them feedback or direction.
So, I was excited to recored a podcast with a long-time friend, and New Yorker, Alan Grodin, founder of Northern State Financial. He has a career in financial services, but has been giving back by teaching youth about finance and saving… so I was curious what he does.
Alan started his financial services right on the precipice of the tech bubble… and weathered the storm in 2008, when the average stock lost 40% of its value. He speaks about good savings habits — but what struck me is that his core message was to build the habit. In your 20s and 30s, even if you can just save $50 a month – it’s giving you the mindset you need to be successful later on. On the flip side, he warns to never be fooled by credit cards, and to learn how to use them as tool to only spend what you have… never to accumulate debt with them, because their interest rates are so high that it becomes a very ineffective method of managing your money.
I didn’t know this, but when selecting a financial advisor, you can search on FINRA — (I even checked out Alan) and advisors with more complaints, or those that move between jobs more often, should be treated with suspect.
The podcast is packed full of investment advice, and is a great starting point if you have no idea about saving for your future, so tune in!