ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray interviews Jay Zigmont, a published, Ph.D.-holding certified financial planner who specializes in advising those who are childfree or childless.
“‘Childfree’ means people who don’t have kids, aren’t planning on having kids, by choice, while ‘childless’ tends to be people not by choice. So what I’m talking about is when you’ve said, ‘All right, kids are never going to be in the picture,’ not like, ‘Hey, I don’t have any yet,’ or, you know, maybe they’re gone out of college. It’s people who are never going to have it in their life,” Zigmont said.
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Zigmont got a doctorate in adult learning from the University of Connecticut, now taking in clients as a fee-only, advice-only fiduciary and CFP. He also wrote the book “Portraits of Childfree Wealth” and is co-host of the “Childfree Life and Money” podcast.
“There’s a lot of research on this, and I did some myself, and what I found is most people have more than one reason. Could be the classics, finance, could be health care, could be they don’t want to pass down generational trauma, could just be freedom, could be the environment, politics. I mean, it’s a huge list, and what I found is that most people have more than one reason where they’ve thought it out and said, ‘OK, it’s not for me,’ and they’re gonna live a different life,” he said.
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Earning his first million dollars by age 21 and losing it by 25 forced a crucial lesson upon Zigmont, he said, of the importance to manage and invest money for further down the road.
“I never would have expected it. I mean, growing up with nothing, you don’t really expect to have money. But when you do, you have to figure out,” Zigmont said. “...By the time you’re kind of mid 40s, we want to have a plan for long-term care, and we often get the question, ‘Well, who’s going to take care of you when you’re older?’ My answer is, your financial plan, and we’re going to give you a hand.”
Hear the full interview in Season 4, Episode 5 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.