Finding Freedom: A Childfree Approach to Wealth and Retirement

Author and CEO of Childfree Wealth^® Dr. Jay Zigmont explains the unique financial planning needs and strategies used in childfree wealth management.

75% of people are likely to pursue the typical American trajectory of financial planning: save for retirement, retire, leave wealth for the next generation.

But what do you do if you’re a part of the 25% who is childfree?

In this episode of Retirement Revealed, I had the pleasure of speaking with Dr. Jay Zigmont, a financial advisor specializing in working with childfree individuals.

Dr. Jay explains how the childfree experience challenges–and opportunities–that traditional financial planning doesn’t naturally account for. 

The Childfree Paradigm Shift

One of the key takeaways from our conversation is the importance of shifting the focus from traditional retirement goals (e.g., saving for children’s college, leaving a large inheritance) to a more personalized approach. Childfree individuals often prioritize experiences, travel, and pursuing passions.

Dr. Jay coined the term “financial means live early” (FILE), which emphasizes a lifestyle that allows individuals to pursue their passions and enjoy life earlier in their careers, rather than solely focusing on delaying gratification for a distant retirement.

Redefining Retirement

For many childfree individuals, the traditional concept of retirement – complete cessation of work – may not be the ideal goal. Instead, they may envision a gradual transition to part-time work, pursuing entrepreneurial ventures, or dedicating themselves to volunteer work and personal passions.

The Importance of Life Planning

Dr. Jay stresses the importance of life planning before financial planning. Childfree individuals need to define their values, identify their passions, and envision their ideal lifestyle before developing a financial plan to support those aspirations.

Key Considerations for Childfree Individuals:

• Estate Planning: Focus on charitable giving, supporting causes that align with their values, or leaving bequests to friends, family members, or organizations that hold personal significance.
• Long-Term Care Planning: Given the absence of potential family caregivers, comprehensive long-term care planning is crucial. This may include purchasing long-term care insurance, exploring alternative living options, and developing a plan for in-home care.
• Debt Management: Prioritize paying down debt to reduce financial stress and increase financial flexibility.
• Investing for Experiences: Allocate resources towards travel, hobbies, and other enriching experiences that enhance their quality of life.
• Giving Back: Explore philanthropic opportunities that align with their values and make a meaningful impact on the world.

A Relatable Journey

After making a fortuitous and wise decision with his early career, Dr. Jay found himself earning his first million dollars by the age of 21. What happened next? He spent it! Though he doesn’t carry regrets about the way he used that money, it served as a wakeup call that he had a lot to learn about handling finances as an adult.

Dr. Jay has since turned that experience into motivation to become a certified financial planner and help people who have chosen a childfree life. As 25% of adults are and will be living their life childfree, Dr. Jay’s work is filling a gap in the financial information industry. If you or someone you care about is walking down this path, be sure to order “The Childfree Guide to Life and Money” today!

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Additional Links:

• “The Childfree Guide to Life and Money” – Dr. Jay Zigmont
• “Portraits of Childfree Wealth” – Dr. Jay Zigmont
• Childfreewealth.com
• LinkedIn – Dr. Jay Zigmont

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• LinkedIn: Keil Financial Partners
• YouTube: Retirement Revealed
• Book an Intro Call with Jeremy’s Team

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