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Every Young Person Needs This Wealth Building Advice!

Do you ever feel lost when it comes to money? Founder of Shaping Wealth, Brian Portnoy, knows the importance of financial literacy in young people. He joined Bold Business’s Philip Michael to give his tips on wealth building, investment apps and managing money in the new year!

Michael: At what age do you think someone should start getting into investing in wealth building?

Portnoy: Well, they should start learning about financial concepts and money at a relatively young age, whether that’s 8,9,10,11 years old. There’s a lot of research now in the world of financial literacy that shows that people can get started relatively early to understand the main concepts of saving and spending and borrowing. 

M. What do you think about apps like Robin Hood and Acorns for first-time investors who are just learning? 

P. The devil’s in the details! I mean, with Acorns, and other apps that allow you to make small investments and not get a little bit over your skis, that’s fine. I would be careful when it comes to chasing hot trends through investment apps [like Robin Hood] because you could end up losing a lot of money quickly. It’s felt easy lately; it’s not normally this easy. 

M. Do you have any predictions or expectations for 2021?

P. No, so I don’t make market predictions. And I think we should be careful about those who do because they tend to be wrong more often than right. I think people – especially younger people – should be goals-oriented: buying a car, saving for college, getting that nicer home, taking a nicer vacation or whatever. Align your finances to what’s important to you, not what some market guru tells you is going to happen in 2021.

Check out the interview for more!

About the guest

“I founded Shaping Wealth to be able to advise on financial wellness without conflict or constraint. I try to help answer the question that quietly keeps many of us up at night: Am I going to be OK? Because money influences the question, it must also be part of the answer. To align purpose with practice and build good habits that stick, we must leverage insights from disciplines ranging from social psychology to neuroscience to behavioral finance. My financial wellness programs and direct coaching build on those disciplines.”

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