[MRM]

Bugs, your son is in a unique situation that requires specialty advice from someone who has expertise in working with newly high net worth individuals. He is very young, had a very high income, and is emerging from his starving student days with debt that is significant but dwarfed by his immediate future earnings. Ordinary rules of financial planning don’t apply to people like him. He needs to have a plan to maximize the value of his income, savings and investments rather than the more typical advice of paying down debt, establishing a savings account, live below his means, and start a retirement account, etc. The dynamics of financial planning remain the same, but a 30 something making mid-six figures who will soon be a 40 year old earning seven figures or close to it had different needs and should start planning that way from the beginning. He’s going to need tax advice, personal finance advice, investing advice, and everything in between.

He’s making so much money that he doesn’t need financial planning to be affluent for the rest of his life, no matter what he does. His issue is going to be making the most of the money he has coming in and spending and investing it wisely. Even with his student loans, with his income he deserves to live a bit. He’s beyond the beans and mac & cheese to save money days. He’s a high net worth individual with all the privileges and problems that come with that situation. It’s not a matter of being able to retire early and well. It’s more that What he does with his money in his 30s will determine whether he retires with enough for a comfortable condo in Naples or his own island in the Caribbean. That’s a nice planning problem to have, but income at that level will cover up a lot of financial planning sins. It won’t reduce his standard of living to live smarter. That’s what a financial planner can help him do.

He should find a fee-only financial advisor who works with high net worth individuals and has a track record of working with people who rapidly transition from student debt to affluence. He needs to get referrals from people who are satisfied with their financial advisors. Ideally he will have a relationship with someone who holds his brokerage accounts who is different than his financial planner. If you want a referral, PM me and I’ll send you our planner’s information. He would be a good choice and he does not sell securities or work on any commission. That’s the type of planner your son needs to find.