3 Important Tips for Young Adults to Set Themselves Up for Success

I had the privilege of guest speaking for Quint’s investing finance class at the University of Kentucky this week (the class I was a student in years ago and where Quint and I met but that is a story for another time). I love anytime I am able to come back and speak to these students who are now in the shoes I was in not too many years ago. My conversations with them have developed and changed over the years, but Quint’s one request each time is “talk to them about life.” The following are some of the things I shared with them, and I thought it may be helpful for our readers and listeners, either for themselves or to share with kids and grandkids.

1. The "Where" Before the "What"

Straight out of college I followed the “safe” path. Go work for a large corporation, put in the hours, climb the ladder, get a great 401(k) match, healthcare, permissive PTO (which, in my opinion, is a total scam by the way). I went to work for GE Aviation in Cincinnati in their Financial Management Program. Six months in, I was utterly miserable. I sat in a cubicle all day, working through spreadsheets, doing glorified accounting on private jet engines for clients I would never talk to. For those that I have met, you know that does not quite line up with my personality. So, what did I do? Called my mentor and friend Quint to see his thoughts. I fully expected the “grind it out speech.” Instead, the question he asked was far from what I expected and changed completely how I thought about my career. It was not “what do you want to do” or “what job do you want to have” it was “Where do you want to live?”

“Where do you want to live?” is not the question my extended family had been asking every Christmas for the last four years. I can promise you at 18 and even at 22 I did not know the answer to that question. Instead of pushing me to figure out what I was going to do for the next 40 years, Quint pushed me to figure out where I wanted to be, what I wanted from the business I was going to work for, and how I could bring value to that business. I walked the students of his class through the following to get them thinking about the first three columns instead of the last. Here are some of their thoughts:

Why It Works: Asking the question of “Where?” flips the script on career planning. It shifts the goal from grinding through a job that looks good on paper to building a life that aligns with who you are, where you’ll thrive, and what will make you truly happy—not just professionally, but personally too.

2. Find Your A-Team

For the last three years now, I have met with an unbelievable spiritual/life coach every Tuesday morning at 7am (Waffle House or Chick-fil-a and yes Burger King during Covid, but we do not like to think about those times). Without him, I would not have nearly as joyful and healthy a relationship with the Lord or my wife. I also have been blessed with great mentors in the space of finances, business, and friendship. This group has become my A-Team that I can come to with the questions and issues of life. What is the key? Make sure your mentors are where you want to be in the space they are mentoring you.?

It drives me absolutely crazy when someone says “my friend/cousin/fun uncle says “blank” obscure biotech stock is the next NVDA or they recommended the most unbelievable real estate opportunity.” I proceed to ask about said cousin's financial situation only to find out that they are BROKE. You have to find mentors that are in the place you want to be (they do not have to be great at every area, just the area you want them to mentor you).

One of the kids in the class asked, “How do you develop that A-Team and get a mentor?” What has worked for me is really quite simple: find the person, take them to lunch, have an honest conversation, AND pay for their lunch. From my experience, this last step is much more valuable to that person than the $10-$15 that the lunch costs. That opens the door, and I truly believe that people who are successful want to help the younger generation.

Why It Works: An A-Team of mentors not only provide valuable advice, but they can also open doors to opportunities, help you expand your network, and offer a sounding board for your ideas and challenges.

3. Get Your Financial House in Order

Before starting at Joule and throughout college, personal finance was something I would figure out when I had more money and was older and wiser. Luckily, I righted that ship pretty quickly when I started in this world. However, I see so many young people falling into the same common traps of keeping up with the Joneses, piling on debt, and not thinking about the future. They dig a hole for the first 5 years of their career and spend the next 10 digging themselves out. You have to start taking care of your financial house early in your career because you have the best asset of all during this stage of life TIME.

Take time to learn about the power of compound interest and how your 401(k) plan can be a great long-term asset for you. Understand that just because all of your friends are posting their vacations in Europe or their shiny new car, does not mean they can actually afford those things. Debt is not a tool to get the things you want; it is ankle weights that limit where you go in the future.

How can you learn about these things? See key number two, ask your HR team, listen to podcasts (selfish plug we have a pretty great one: DIY Money).?

Why It Works: By taking control of your finances right out of the gate, you allow compound interest to work in your favor and avoid the trap of debt that can weigh you down for years. The earlier you start, the more flexibility you’ll have to build wealth and make decisions that support the life you want.

Conclusion

For those of you who have already navigated the “entering the real world” phase, you’ve likely gathered your own lessons from both triumphs and setbacks. These are some of the key insights that have shaped my journey so far. And for anyone worried about the next generation or the future of America, I wish you could meet the students in this class. They are sharp, hardworking, and motivated. Despite the potential market and economic challenges ahead, I’m optimistic about what’s to come and believe the future is still very bright. Also, my Tuesday morning life coach has one rule: “coach others.” In that spirit, I love meeting with our clients' kids and grandkids so feel free to put something on my calendar HERE.

Best,

Logan Gilland, CFP?

Did you know??Joule works with clients all throughout the United States. With our process of utilizing technology and online planning portal, there is no geographic limitation to whom we can help. If you need a second opinion or want to explore what an advisory relationship with Joule would look like, review more info on our?site?and we'd be happy to discuss your current situation.

DISCLOSURES

Joule Financial, LLC is registered as an investment adviser with the SEC. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Joule’s current written disclosure brochure filed with the SEC which discusses among other things, Joule’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov

The content in this educational piece is for informational purposes only and should not be considered as personalized investment advice. Please consult a qualified financial advisor before making any financial decisions.

This does not constitute an offer or solicitation. This information should not be considered investment advice.

The information provided is accurate as of this publication and may change due to tax law updates or regulatory changes.

All investments carry risk, and the value of your investments may increase or decrease. RMD calculations and strategies should be reviewed with a qualified financial professional. For personalized tax advice, consult a qualified tax professional. The IRS rules and requirements on RMDs can change, and individual circumstances may affect outcomes.

Specific investments described herein do not represent all investment decisions made by Joule. The reader should not assume that investment decisions identified and discussed were or will be profitable.?Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.