Change In Perspective

In the medical profession, we’ve seen the growth of specialists replacing general practitioners.

The term financial advisor is analogous to the general practitioner, but I focus my practice on retirement planning. As a result, I spend a lot of my time focusing on the end of someone’s career. We focus a lot of energy on ending our careers, but sometimes we need to remind ourselves how it all started. Kyleigh is a 12-year-old girl who is just beginning her working life, and I find her eagerness to work fascinating. I wanted to compare her perspective with those of you who are looking at retirement as hopefully a reminder of the excitement we all once felt.

“Thinking about starting to work is really exciting for me,” Kyleigh said. “I mainly want to start working because I get to make my own money, but I also want to start working because it gives me more independence and responsibility. I can have something separate from home that is beneficial financially. Making my own money makes me feel more mature and independent because I can handle my own activities outside of home and sports. Earning my own money allows me to spend money on things I want without having to depend on my parents or ask permission.

“This summer, I am starting to babysit and one of the reasons I get excited is because I love being with little kids,” she continued. “I also like the fact that I can give back to the community and help people. I am excited about babysitting because I get to be the one in charge and that makes me feel more important and independent.”

I remember my first job. I worked at Graffiti’s Car Wash where my shift was 4:00pm-6:00pm. My dad would pick me up from school and drive me for my shift. That was the longest two hours of my life! Here I am 25 years later — I love what I do, and I can’t imagine retiring.

Nearly 10,000 Baby Boomers turn 65 each day. By 2030, all Baby Boomers will be at retirement age. Many of these folks are considering retiring and are having the direct opposite conversation with themselves that Kyleigh is having. We are going to see a shift in our workforce from one that is experienced and approaching retirement to a workforce of trainees and those just out of training. In fact, one in three Americans in the workforce are Millennials. I will let you make your own determination on whether that is a good thing or a bad thing.

The other factor impacting our workforce is artificial intelligence. What jobs are going to be impacted is yet to be determined. Analysts point toward white-collar jobs being most impacted. Kyleigh is going to have to face competition not only from other students, both in the United States and abroad, but also from robots who in some cases are perfectly skilled at what they do. Let’s hope that Kyleigh’s eagerness is maintained before she hits the proverbial real world. As the old saying goes, if you do what you love, you will never work a day in your life.

The views stated are not necessarily the opinion of Cetera and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.

Jason LaBarge, financial advisor and president of LaBarge Financial. 7 Riggs Avenue, Severna Park, MD 21146 443-647-4321.

Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker dealer and a registered investment advisor. Cetera is under a separate owner named entity.”

Kyleigh Ringle is not affiliated with Cetera Advisor Networks LLC.