We all can relate to the stress of being overwhelmed by our accumulated debts, and how it will impact our futures. Thomas Young is a professional financial advisor who’s working to change the misconception that we all need to give up our dreams in order to be financially secure throughout our entire lives.
When it comes to managing our finances and planning out our fiscal futures, many of us can become overwhelmed by the complicated language used by banks and financial advisers as they explain to us where our money is going and why we accumulate so much debt over time.
The goal of many banks and financial institutions is to keep the client in debt for as long as possible so they can continue to lend out your money and charge higher interest rates to other clients, creating a toxic cycle where powerful institutions have full control over your money, and thus, your life.
Thomas Young is a financial adviser who started 1st Consultants Incorporated, however, his title as an adviser is a severe understatement to the work he actually does to help people not only save their money, but accumulate more wealth for the future so that they’re entire lives aren’t based on a paycheck and debt.
Young has written one book and produced an eBook that clearly and simply lays out all of the lessons he’s learned being a professional in the industry for over four decades. Now, he’s extremely excited to be hosting a Zoom conference on September 30th and October 7th where he can actually speak with other advisers, and whoever else wants to join, about his personal financial philosophy and what it means to become the CFO of your own life.
“For nearly 40 years, I have guided people through the uncertain world of finances – and I take that burden to heart! I’m committed to helping my clients maximize the value of every single dollar they earn. It’s not about the products, it’s the process that will secure their future.”
Young told me about his journey into the financial world and how his experience led him to the position he’s in today: “I’m currently 72, self-employed without a college degree, and initially I started in the life insurance business as a door-to-door salesman about 45 years ago. I did that for a few years and really enjoyed it honestly. I worked in an office with 60 other agents and was able to become the lead agent the first year that I was there. A couple of years later I decided to open my own agency. I made this choice because I loved what I was doing, but no longer could do the things I was being asked of where I was working. I knew if I wanted to help people I had to have full control over everything I was doing and not be limited to the restrictions of the standard financial industry.”
According to their website, at 1st Consultants, Inc. they take pride in “assisting clients with planning many aspects of their financial lives. Our areas of proficiency include implementing strategies for the good of preserving and accumulating personal wealth, individual retirement, estate and business planning services.”
“We can show you how to make all of your financial decisions simple, organized and easy to track. Whether it is your personal wealth, business affairs or estate planning, we will devise unique financial and money strategies, to help you fulfill your financial aspirations by maximizing your financial potential,” the website claimed.
Young takes these guarantees extremely seriously, as he once found himself in times of extreme financial stress that led to one of the darkest times in his life:
“30 years ago I was on the verge of bankruptcy. I was being sued by a client at my old advising center for $800,000 for a slew of criminal accusations like fraud and theft. This client was initially referred to me by my Certified Public Accountant (CPA). He was a young single guy and we worked together for a little while to find him a life insurance policy that was specifically focused on wealth accumulation. As time went on his job changed, he didn’t make a lot of money, and I was meeting with him every two to three months until we hit a point where I just stopped hearing back from him. Next thing you know I’m being served court documents on my front porch by the local sheriff.
At the time all I was thinking about was how I didn’t go to college or have a huge amount of experience in the field yet, so I was worried that my career was basically over. The case lasted almost three years, and luckily when it came to the deposition I was completely exonerated as it was determined that I didn’t do anything wrong and the problem actually originated with the CPA.”
“The point of this story is throughout those three years I completely lost all confidence and faith in myself. The whole court case I was confused as to what I did wrong, because I didn’t actually do anything wrong, but I was involved in this major court case where I was being blamed for scamming someone. I found myself in almost half a million dollars of debt when all was settled, and it led to me feeling really low about myself as an individual and family man.”
At this point, Young began meeting with financial advisers himself to try to find a way to dig himself out of the hole that was created for him. It wasn’t until he met a man who was just as compassionate as he is, however, that he would be able to make a real change in his life.
“I ended up meeting a man named Jodie Victor when I was really feeling like there was no way out of the financial mess that had been created. Jodie and I have been connected since 1992 when we first met when all of these legal and financial issues were appearing for me. When we first met he held my hand and looked me in the eyes and said ‘I’ll help you,” Young explained.
“I ended up going to this huge meeting he was hosting at his house with about 150 people, and was sitting in the third row when in the middle of his speech he got off stage, walked up to me and said ‘sometimes, we really just need a hug,’ and I balled like a baby. He whispered in my ear ‘I believe in you’ and on my way home that night, I realized that someday I wanted to be like Jodie. I wanted to be the guy who could pick someone up and completely change their life. That’s really what I’m all about, and will continue to be about as my career continues.”
Victor helped Young get out of the debts he was in, and at that point Young was ready to amplify his own message and infiltrate the financial world his own way.
“My focus is always to find the money that my clients are losing unnecessarily based on the ways they were taught to manage their finances in the past. I work closely with them to remove these unnecessary costs and then use that money to further finance whatever plans they may have for the future or any projects/investments that they want to put their money into to make it grow.”
“When people ask me what I do for a living, I tell them I have the greatest job in the world in the financial service business, but I have a very unique approach. My approach is to avoid losses versus chasing interest rates. If you think about all the stock brokers and the typical financial planning arena, everyone is constantly competing with clients and claiming they can get them a better rate or return on their money, and yet most individuals are losing millions of dollars throughout their lifetime without even realizing it,” Young said.
Before Young explained to me how he combats these issues, he wanted to break down some of the biggest issues within the current financial world that trick so many of us into remaining in debt for decades.
“The financial world in general is always making money from the money that we, the clients, give them. There are four basic rules to the standard financial world, and these rules are how they make sure they keep earning while the clients keep spending. The rules are:
- If you’re sitting across the desk from a financial planner, that planner will want to take full control over your finances and how that money is managed.
- As time goes on, the typical financial planner will want you to give them more money on a continuous basis.
- They want to keep your money for as long as possible as a means of having greater control over the clients life and the decisions they make when it comes to their finances.
- Finally, they want to give back as little money as possible.”
One of the biggest mistakes that Young says younger people especially fall for is focusing too much on their 401K, or at least focusing on building it the way the banks want them to.
“More often than not, clients will put large sums of money into their 401K because that’s how they were taught to manage their money. However, what happens when it comes time to buy a car, or house, and all of your savings are tied up in something like a 401K? You then need to go to the bank, and ask them to borrow some of your own money that they have full access to. As a result you’ll have to pay that back to the bank, plus interest, so you’re spending more in order to spend the money you earned in the first place!”
“I often direct my clients to USdebtclock.org so they can see first hand how much the government and financial institutes actually take from their clients. The website was created by the Congressional Budget Office of the federal government, a non-political organization, which shows the debt and unfunded liabilities of the federal government. As of right now, that number is approaching $30 trillion.”
“I’m all about truly educating people. My cause is to touch at least a million lives before I graduate from this Earth. To help people realize that they have so much more control over their finances than they were led to believe by the current system in place.”
Young is all about breaking things down in a well-explained and simple way to his clients so that they can actually learn about the processes they’re going through, and not feel like they’re being left in the dark when it comes to their money. He explained how he does this by discussing his approach to helping clients with their 401K’s:
“The number one way people are taught to save money for their future is a 401K, it’s a common lesson that we’ve all heard of, even though a majority of the clients I speak to don’t even fully understand what a 401K does and how it can help them in the future, as opposed to hurt them in the present.
A 401K is all about accumulating wealth to give yourself a cushion for retirement. When I discuss this kind of saving with my clients, I like to use the metaphor of a closet with two clothing bars on the inside for you to hang your personal items. The shortest bar you would put smaller items on, and the highest bar would be where you keep your taller and more valuable possessions. Thinking of that picture in terms of your personal finances, the top bar would represent financial protection, while the bottom bar represents wealth creation and accumulation,” Young explained.
“Your top bar finances represent unexpected life events that could cause major financial strain should you not have proper savings; funerals, lawsuits, car accidents, etc. Wealth accumulation, as represented by the bottom bar, takes a very long time, and while saving up money is necessary, you still need some level of capital to spend on everyday life that can also fuel that top bar.”
Beyond just the lack of communication between financial advisers and their clients, Young broke down what fractional banking is for me, and how banks use this technique to use your money to not only keep you in debt, but create debt for others:
“The average family in America should have, at minimum, $1.5 million saved up for retirement. However, every dollar the bank makes from you in profit before retirement can be used for fractional banking, which can greatly hinder how much you save.
Fractional banking is the federal reserve system in America as positioned by the Rothschild’s: The Rothschild’s are the original family of banking from the 1700’s. It’s believed that today, the family owns a piece of every single central banking system in the world, making them potentially worth over $50 trillion.
Basically, fractional banking refers to when you put a dollar in the bank, and the bank then lends out that dollar seven times over. So when you give a dollar to the bank, on paper they literally will create seven more dollars to lend out to others. For example, say you go and deposit $10,000 into the bank, they will likely impose a .5 – 1% interest rate on that money, and then loan it out to a couple looking to get a mortgage on their house. The bank will likely loan it out with an interest rate of 4% to the couple, and with your 1% interest they’re then making a 350% rate of return on that initial $10,000,” Young explained.
“When you have a mortgage, the bank owns your house legally, so if they wanted to they could go to the Federal Reserve Window, and since the bank’s name is on the deed they can take out up to 95% of the value of the mortgage back again, and loan it out a second time into another mortgage. They then take that mortgage document, go back to the Federal Reserve Window and do the same thing, so that way they’re making hundreds of thousands just from your initial deposit.”
“So how exactly do I help people create wealth for themselves without getting trapped in all the specificities of financial services and banking? Simply put, I teach them how to become their own bank. The whole philosophy to everything I do is all about maximizing your wealth potential. In other words, look at everything you do, and make it profitable.”
“I’ve had some clients for over 40 years which is a real testament to the services I provide when compared to other services. Things like fractional banking and the Federal Reserve Window are not taught to the average individual, so it’s my job to make sure everything is thoroughly explained so that they feel like they can trust in the process, which is also why I chose to write a book and host a conference.
Just like the standard financial world has basic rules to taking your money, I have a set of guidelines – as laid out in my book The Family Money Farm: The CFO Project and my newest eBook the Financial Mastery Coaching Blueprint – that I tell all of my clients when it comes to the best ways to save money throughout your life. These four principles will also be broken down more in depth during my upcoming Zoom conferences, in hopes that more people will begin to adopt the practices in their everyday lives:
- Save 20% of your Gross Annual Income. No more than 5-6% of that should be going into your 401K.
- Accumulate money capital that is accessible without penalties or taxes. This capital should be equal to 50% of your annual income. If you have access to 50% of your annual income, there’s no need for you to keep a credit card/accumulate debt even further. The average family for America has a credit card balance of $9,000 with an average interest rate of 18%. If that rate follows you throughout your whole life, you would be spending $780,000 on interest alone. This is leaving so many retired individuals without money because they’re being taught by the financial industry that this is the only way to manage their money when that couldn’t be further from the truth.
- No consumer debt. A mortgage is not consumer debt, if you have a mortgage, you want a 30-year fixed rate mortgage, not a 15-year. While you may pay less interest on the 15 year plan, there are other economic factors, like inflation and tax rates, that can cause you to lose a lot of that money you should be saving for the future.
- Become the CFO of your household and teach it to your children by creating a home finance committee that your children will later join as they grow older and you educate them on the best ways to save money without sacrificing thousands of dollars. These rules will create wealth beyond your wildest imagination within 2-3 generations.”
Young said the best way he can explain what he does in layman’s terms is macroeconomic planning. “Macroeconomic planning refers to taking a client’s dollar, and being able to use it for future planning while still allowing the client to have access to their finances. I help my clients create what’s known as ‘legacy estate money,’ because the plan is always to save money that guarantees the kids and grandkids are financially stable in the future. I’m also able to do this without ever asking them for money because I always look first into the money they’re unknowingly losing and show them how to get it back. That way, we’re able to turn it into verifiable wealth for the future.”
“When you’re young, you have all of these expectations and dreams for what your life can and should become. Once you hit the age of 30 – 40, those dreams are often swept under the rug because the reality of financing them and living a quality financially secure life just seems impossible.”
Young spoke so passionately about the amazing work that he does. I could hear the emotion in his voice as he discussed what it meant to him to touch so many lives and help educate so many people on their finances. This is more than just a job for him, he understands that people’s lives are literally on the line when it comes to debt and financial struggles, and the average bank does little to nothing to help, leaving so many hopeless, just like he was all those years ago before Jodie Victor opened his eyes.
“I always say that I like to come in, clean off my clients glasses of all the dirt and scratches that were inflicted by the standard financial world, and show them the very real possibilities that every human being does have access to. God gave us all the tools we need as humans to accomplish anything we want in life, as long as you’re willing to do something and work for it, you can accomplish anything, especially when it comes to saving your money.”
One of my dreams is to speak on a major stage, which is why I’m so excited for this upcoming conference. Being able to reach such a large audience and spread my message is one of the MANY rewarding parts of my job. So far I’ve done around six professional speaking opportunities, and everytime I’ve done one I was met with hugely positive feedback. I’ve been voted the best speaker and have had dozens of letters sent to me from people who thanked me for my kind words and focus on helping others,” Young exclaimed.
“I think one of the best talks I gave was called ‘Be The Example,’ because honestly, that’s what life is all about. We are always being watched by individuals who look up to us, and view us as inspirations, so you have to ask yourself how do you want them to see you? How do you want the people who believe in you the most, to view you as an overall individual? It’s about so much more than financing for me. It’s about helping these individuals see that they have the potential, and the right, to take full control over their lives, financially and beyond.
I truly believe the meaning of life is related to the impact you make with the short time you have on this planet. What do you want people to say about you once you’re gone? I want to know that I’ve done everything I can to help as many individuals see their dreams come to fruition without worrying about the complexities of the financial world. Anyone who comes to me for help gets all of me. There’s a world full of opportunity out there that a majority of us write off as impossible because of our financial realities. It’s time to clean off our glasses as a population and clearly see that we are in control of our own destiny.”
On September 30th, and a week later on October 7th, Thomas Young will be hosting a workshop called “Infinite Banking/CFO Project.” The event will be live-streamed on Zoom so that it can be nationally viewed. Young has several agents from around the world who recently reached out to him asking for his assistance and overall advice on the financial sphere as it currently stands.
To learn more about Thomas Young’s financial philosophy and how to better manage your finances to achieve your future goals, check out both his books, The Family Money Farm: The Cfo Project, and the Financial Mastery Coaching Blueprint.
If you’re interested in attending his live Zoom broadcast, reserve your spot by calling 724-728-6820! For the September 30th lecture, make sure you reserve your spot by September 27th, and for the October 7th lecture make sure you’re registered by October 1st. You can check out additional information about the broadcast by clicking here as well!
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at email@example.com.