John “Jay” Murray is an independent Financial Advisor with more than 14 years of experience serving highly compensated professionals, business owners, entrepreneurs, affluent families, and goal focused investors. A graduate of Columbia College, he earned the respected Accredited Asset Management Specialist (AAMS) certification from the College for Financial Planning. He is a co-founder and owner of Covenant Wealth Management.
*Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Adviser. IFP and Covenant Wealth Management are separate entities.
What does a financial advisor do?
A financial advisor is a coach, advocate and educator who provides expert guidance, detailed planning and prudent investment strategies. You may wonder, what should you do to begin preparing for the future? As a financial advisor, I will give you a guided tour of the financial industry and the many investments and products available to you. Together we can create a plan and set personalized goals for saving, investing, spending and gifting.
Navigating your finances can be daunting! When should you start making financial plans?
When saving and investing for the future, time is the most important factor. The best time to start planning, saving and investing is now! This is because we can earn interest on our invested money, and then earn interest on that interest, and so on. This strategy is known as compound interest, described by Albert Einstein as one of the most powerful forces in the universe. Today is the best day to start benefiting from this powerful wealth building strategy!
Why should I invest? Why not just keep my money in cash?
Like me, I’m sure you’ve grumbled from time to time about how prices seem to increase every year! What we save should increase in value at least as much as prices are rising. If your money doesn’t increase in value over time, you will not be able to buy as much in the future as you can today. Although it’s important to have an emergency cash reserve to meet urgent, unexpected life events, the bulk of our savings should be prudently invested to preserve our future purchasing power.
Should I pay off my loans before beginning to save for the future?
Again, time is the single most important factor when investing! You may feel like you are acting responsibly by making extra payments to pay off debt sooner. Reducing debt is beneficial, however, there is also a missed opportunity for investment returns (remember compound interest!). I recommend that you save part of every paycheck first, then pay your bills and loan payments, then limit your spending to what’s left. This is an easy change to make and will help you start building wealth right away.
Are there any books you recommend for someone just getting started?
Yes, I often recommend George S. Clason’s 1926 classic book “The Richest Man in Babylon.” I often give a copy of this book to prospective new clients during an initial consultation.