Hello and welcome to my blog! I’m excited to share inspiration, education, and updates on financial issues relevant to busy young professionals like you.
A Little More About Me
There’s no shortage of research illustrating how America has a financial literacy problem. In fact, less than half of the states in our country require high school students to take a personal finance course. I was fortunate to learn the basics growing up. My mother was a young single parent, so my grandmother stepped in to raise me. As a widow in her 40s with four small children, my grandmother quickly learned how to stretch a dollar. I watched her each month as she tracked her budget in a notebook. Through those experiences, I learned the importance of saving and living in your means.
My uncles became successful in their careers. They taught me to stay out of debt and the importance of earning interest on your savings. It wasn’t until I went to college and majored in financial planning that I realized how little I knew. I learned about investing in my financial planning classes (beyond a basic savings account and CDs). I also learned about taxes, insurance, estate planning, retirement plans, and more. While I was amazed by all my new-found information, I was also frustrated that I only learned these things because of my chosen career.
My financial education continued after college when I started working in financial services. I spent the first 12 years of my career working with clients who were multi-millionaires. Many of them were self-made, while some were the beneficiaries of multi-generational wealth. I learned how managing taxes and risk play a role in accumulating wealth. I saw first-hand the value of professional investment advice. Most importantly, I witnessed how wealth can provide access, opportunities, and freedom in ways I never knew were possible.
Why I Started Financial Staples
It may come to no surprise that an overwhelming majority of my clients were white early in my career. I also worked primarily with straight couples. The husband was often our primary contact, and the wife rarely participated in money conversations (if she participated at all). The financial services industry caters to those who already have money, and research on the racial wealth gap shows that white families possess the most wealth compared to other races. Income inequality impacts wealth inequality, and the gender pay gap means that women generally have less wealth than men. This truth dictated how I designed my firm and the goals I set to help clients close the wealth gap.
I started Financial Staples because I wanted to use the knowledge and experience I gained throughout my career to help more women, people of color, and members of the LGBTQ community. I also wanted to provide financial guidance to high-earning young professionals. Tech employees are a good fit for me because I use my experience working with corporate executives to help clients navigate the confusing world of equity compensation. Most financial firms either won’t work with young professionals or advise them to seek help only when they have $500,000 or more in investment assets. How many young professionals – particularly from minority communities – have the knowledge and resources to successfully “figure their money out” on their own? How much more progress can they make if they receive guidance and support early in their careers?
The best time to plant a tree was 20 years ago. The second best time is now.
The higher your income, the more potential you have to build wealth. The earlier you start investing, the more time your money has to grow. Let’s face it: the longer you wait, the more you’ll need to save. Time is money! I often speak with high-earning professionals in their 40s who’ve made significant income over their careers. They spent the first decades of their working years “DIYing” their way through their financial life. They realize some of the mistakes made along the way and how much more money they could have saved if they sought financial advice earlier.
By focusing on young tech professionals in minority communities, I can do my part to help those who are often overlooked and underserved in making financial freedom a reality.
It’s Your Turn
My approach to financial planning is not traditional. I’ve built my firm to address my clients’ needs and give them the best possibility for success. Many of my clients live and work in environments where they feel misunderstood or unheard. They are not able to be their full selves at all times. At the beginning of each relationship, I take the time to understand your background, personal stories, and money history. I also explore your values and the “why” behind your goals. This approach helps me understand how I can best help you reach your full potential. I also teach you financial concepts in an easy-to-understand format so you can make informed decisions, and I serve as an accountability partner to keep you on track. I believe that my approach helps clients develop the mindset and habits that lead to long-term progress.
My blog content comes from countless conversations with clients and prospective clients. I hope to offer easy to understand, actionable advice that helps you make better financial decisions. I always welcome feedback and suggestions for topics that interest you. Here’s to spreading financial literacy, to providing a safe and inclusive environment, and to closing the wealth gap – one person at a time!
Are you interested in learning more about how I help clients and whether we’d be a good match? I invite you to schedule a consultation!
Did you enjoy reading this post? Want financial inspiration, education, and updates delivered straight to your inbox? Sign up for our newsletter!
Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Chloe Moore, and all rights are reserved. Read the full disclaimer here.