By: John Glover (MBA)
In many Chicago households, particularly in low-income communities, discussing finances remains taboo. This cultural reticence leaves individuals to navigate the complex world of money management alone, often without essential knowledge about investing, compound interest, or emergency funds. These communities’ economic struggles and anxieties are emblematic of a broader issue across the city, where financial education is lacking, and many are unprepared for future financial challenges. This pervasive silence around money exacerbates financial insecurity and highlights the urgent need for accessible financial guidance and education.
Financial trauma is more common than you might think. According to a survey by Experian, 63% of Baby Boomers and 74% of Generation X have experienced some form of financial trauma in their lives. This trauma can leave lasting scars, making people wary of financial discussions and decisions.
Michael A. Scarpati, CEO of RetireUS, has seen this disparity firsthand. “From my early days in finance, I saw a clear disparity in who had access to quality independent financial guidance—it was reserved mostly for the ultra-affluent,” says Scarpati. “Even those working with a financial professional were unaware of the conflicts of interest influencing the advice they were receiving. This sparked my passion to democratize financial guidance, ensuring that independent expert-level guidance is not a luxury service but a standard offering accessible to everyone.”
RetireUS is on a mission to change the narrative around financial planning and make high-quality financial advice accessible to all, regardless of income level. Their subscription-based model offers financial guidance for as little as $39.99 per month, starkly contrasting the industry average of $5,500 per year for working with an independent Certified Financial Planner.
“The major reason for the subscription model is for more people to have access to top-of-the-line independent experts,” explains Scarpati. “With RetireUS, for as little as $39.99/month, you now can work with the best independent experts in the country.”
This innovative approach makes financial advice affordable and ensures that users receive continuous support. “By providing ongoing support instead of one-off consultations, RetireUS ensures that financial planning is a continuous part of their clients’ lives, allowing for adjustments as personal circumstances evolve,” Scarpati adds.
RetireUS also recognizes the importance of educating younger generations about financial planning. Millennials and Gen-Z are particularly proactive about their finances, driven by significant life events such as getting married, buying a home, or starting a family. However, they face unique challenges, including student loan debt and the aftermath of the 2008 financial crisis. Despite these obstacles, millennials have a median net worth of about $20,000, highlighting the need for accessible and reliable financial advice.
RetireUS aims to empower both older and younger generations by providing them with the tools and knowledge they need to build a secure financial future. Individuals can significantly increase their wealth over time by starting as early as possible and understanding the power of compound interest. Compound interest allows your earnings to generate their own earnings, creating a snowball effect that can lead to substantial investment growth.
Looking to the future, RetireUS is optimistic about the impact of early financial education and planning. By encouraging proactive financial management from a young age, they aim to lessen the financial anxiety that plagues so many Americans and foster a society more confident in its financial future.
For those who grew up without financial guidance, platforms like RetireUS offer a lifeline. They provide the education and support needed to break the cycle of financial trauma and build a more secure future. As more people take control of their finances, we can hope for a future where financial literacy is the norm, not the exception.
Published by: Khy Talara
