In this episode of the Profit with Law podcast, financial advisor Jay Zigmont delves into the often overlooked world of financial planning for child-free individuals. Jay's expertise and focus on serving this demographic bring valuable insights and tailored advice to the table. Throughout the conversation, Jay sheds light on the biases, challenges, and disparities faced by child-free individuals, addressing the unique financial planning considerations that come into play. From legacy planning and embracing financial independence to the importance of disability insurance and finding purpose beyond the traditional life script, Jay's expertise provides a comprehensive guide for those seeking personalized financial planning guidance. His perspective and guidance offer a fresh outlook on financial planning, making this episode essential listening for anyone seeking to make informed financial decisions aligned with their life goals and values.
In this episode, you’ll:
Moshe introduces Jay Zigmont, a financial planner specializing in serving child-free individuals. Jay shares his career transition from healthcare and academia to finance. He explains how his personal experience as a child-free individual led him to research and discover the underserved child-free niche in financial planning.
[07:06] Different Approaches to Financial Planning
Jay explains how financial planning for child-free individuals differs from those with children. Child-free individuals have more flexibility in their plans, focusing on financial independence rather than retirement. They also have different considerations when it comes to estate planning and leaving a legacy.
[08:59] Philanthropy and Environmental Concerns
Jay discusses how child-free individuals may approach philanthropy and environmental concerns differently. Some choose to be child-free due to environmental reasons and may prioritize reducing their carbon footprint. They may also have different priorities when it comes to leaving a legacy and supporting causes.
[14:02] Biases against Child-Free Individuals
Jay discusses the financial challenges faced by child-free individuals, highlighting the discrepancy between the child tax credit and the actual cost of raising a child. He also mentions biases in the workplace, where childless individuals are expected to work longer hours and face judgment from others.
[19:27] Financial Security and Net Worth of Child-Free Individuals
Jay challenges the assumption that child-free individuals have better financial security and higher net worth. He explains that income disparities still exist, and being child-free does not automatically result in greater wealth. He also touches on the child-free midlife crisis and the need for deeper discussions on personal and financial goals.
[28:12] The Importance of Aging Ally
Jay Zigmont discusses a project called Aging Ally that focuses on the needs of child-free individuals as they age. Instead of worrying about passing on wealth to future generations, child-free individuals are more concerned with who will take care of them and make important decisions on their behalf when they are unable to do so.
[29:29] Financial Support for Family Members
Child-free individuals may struggle to know when their family members are in need of financial support. Jay Zigmont and his wife have set up 529 accounts for their nephews, ensuring they have funds available for their education. Additionally, they create a support team for their parents and provide assistance through professionals such as aging care managers and financial planners.
[31:43] Advice for Child-Free Individuals
Jay Zigmont advises child-free individuals to seek financial professionals who understand their unique needs. It is important to find professionals who can provide specific advice tailored to child-free individuals, taking into account factors such as the lack of need for life insurance but the necessity of disability insurance. Customization and understanding are key.
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Jay Zigmont, PhD, MBA, CFP® is the Founder of Childfree Wealth, a life and financial planning firm dedicated to helping Childfree and Permanently Childless people. Childfree Wealth is the first life and financial planning firm dedicated to serving Childfree people. Dr. Jay is a CERTIFIED FINANCIAL PLANNERTM, Childfree Wealth Specialist, and author of the book “Portraits of Childfree Wealth.” Dr Jay is the co-host of the Childfree Wealth podcast. His Ph.D. is in Adult Learning from the University of Connecticut.
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