Watch Your Money: Expert Advice for This Financial Advisor Support Specialist Who Wants to Build Generational Wealth | New

Use: Financial advisor support specialist (advice and business plans for financial advisors)

Salary: Base salary $60,000, bonuses not included. Annual income is $90,000

Financial goal: Save $100,000 in a family trust

Mum of four and career woman Jovon Willis wants to make generational wealth a way of life for his family.

“People talk about generational wealth but use it in a way that doesn’t include what it really is,” said Willis, 40, of St. Louis. “For me, generational wealth is not just about parents making money and creating a lifestyle, but teaching their children about wealth and what to do with the wealth they have left. ”

To that end, Willis, a financial advisor support specialist (she is a consultant and business plan for financial advisors), talks to her children about family finances. Her children are 21, 17, 16 and 10, and her three eldest are working. Her firstborn is in community college and her 17-year-old plans to start college in the fall.

Willis, a single mother, created an irrevocable trust for the family in hopes that it would reach $100,000 over the next 10 years. The trust is for each member of the family to contribute financially and possibly live.

“I better start putting assets in this account because 20 years from now I don’t want this trust to sit empty,” said Willis, who earned a doctorate in educational leadership and political studies three years ago. year.

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Willis earns a base salary of $60,000 as a financial advisor support specialist, but his work also comes with bonuses. Also, with child support, works together through her leadership consulting brands and other supports she receives (a child with autism and receives Social Security disability benefits) , Willis brings in around $90,000 a year.

She spends $900 a month on groceries because she “buys her time.” Instacart and “ordered” dinner are an integral part of his family’s lifestyle.

“It’s not the most economical, but the time it saves me is worth it,” she said.

Willis is a landlord but lives with his family in a $1,400-a-month four-bedroom condominium in a more upscale part of town due to good schools. Willis would like to move to a smaller residence in his current neighborhood, which would cost him around $500 a month in rent. She wants her two oldest children to live in the old family home she owns while they are at university. She spends $1,200 per semester on her oldest son’s community college.

She doesn’t spend a lot on clothes, choosing to shop in the middle-class thrift stores in her small neighborhood. She nabbed Brooks Brothers suits for $10 while saving, but since the pandemic shutdowns, her daily uniform consists of leggings instead of business suits. Her three oldest children work in retail, so she only spends about $100 every two months on clothes for her youngest child.

She enjoys taking her family on vacations that aren’t “kids’ places” to teach everyone about topography. The Great Smoky Mountains of Tennessee and Miami are the two places the family has visited. Willis tries to keep family trips under $1,200. Plus, she’s committed to taking a solo trip every year “so I can find peace somewhere,” Willis said. Last year, she went to New York and took a midday nap. For a reserved and busy mother, sleeping at will was her own luxury. Cancun was part of his travel itinerary in 2022.

Right now, Willis says she’s focused on investing. In addition to wanting his family’s confidence to hit six figures within 10 years, Willis wants to focus on his retirement.

At the end of her doctoral program, she plundered her retirement account to make ends meet. She has since saved $10,000 to replenish the account.

“Investing seems like something that can wait, but I’m trying to change that mindset for myself,” Willis said. “No, it can’t wait.”

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Alleson Tate, owner of Avere Wealth Management, a black-owned LGBTIA-founded wealth management firm in Atlanta, says there are two ways Willis can reach his goal of saving $100,000 in the family trust. within 10 years. The family can contribute $10,000 a year, but it earns no interest. However, if the family invests $7,800 or $650 per month in mutual funds or, preferably, ETFs, they can achieve their goals assuming the investments return 6% per year. Diversification is key, Tate said.

Tate is also impressed that so many people at home are working, which will help fund the trust.

“They don’t have to cut back on their lifestyle,” Tate said, “They may need to reallocate the money they earn to their savings goals.”

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