BT Interview With Wealth Advisor Myah Moore Irick
Hear it straight from an Expert in Finance
An Expert’s Approach to Building Wealth as a Family
When it comes to giving the best advice on kids and money, we called in an expert. Myah Moore Irick is a wealth advisor and founder of the Irick Group at Merrill Private Wealth Management and a professional on all things family and finance. From her day job providing wealth planning strategies to an impressive rolodex of clients, to her role as a mother to three small children, Myah’s approach to building wealth goes far beyond the numbers. Read on to hear her best advice on making the most out of both money and memories as a family.
How has your background influenced your decision to work in finance? How has it shaped your investing philosophy?
I knew from a young age that I wanted to be in a position to help educate others, help them realize their impact and help empower them. What better way to do that than to provide guidance on how to optimize precious resources such as money and time? Effectively managing these resources results in more freedom and life choices. I was drawn to the world of wealth management because I love helping families identify solutions to financial problems by taking a long-term approach towards decision making. I believe it’s about providing them with the tools they need to confidently make the big decisions in their life. My investing philosophy is centered around this...helping families realize their personal goals, while also realizing their impact. Wealth can be a tool for accomplishing both.
With your focus on the psychology of money in mind, how do you think this relates to kids and money?
I strive to deeply understand my clients’ relationship with money, their personal goals and their unique journey to growing wealth. I am devoted to learning about my client’s life, their family, their business, their purpose, and how they would like to act as a steward of their wealth. Much of our wealth journey is directly related to our own upbringing and how it influences the way we think about money. If we take it a step further, how can we realign our wealth with our values and use money as a tool for broader impact? I have the privilege to partner with families and help them to come up with an investment and wealth plan to achieve their personal goals, and most importantly, to realize their purpose and impact. Intention and purpose are fundamental to a sound plan. But when it comes to kids and money, money messaging is crucial. For example: how we talk about money, how we interact with others that may have different wealth stories, and most importantly, what values and behaviors we are modeling to our children.
What is the most pressing question or concern your clients have about kids and money? What's your best advice for them?
Our children are our most important "assets." We teach them to love. We teach them to be kind. And, we teach them to aim high. Yet, we often avoid teaching them about money. The most common question I receive is… “How (and when) do I begin talking about money or investments to my child?” It’s critical that we engage our children in financial literacy conversations as soon as possible. It is a skill fundamental to their success as adults. There are 7 critical skills that children need to learn to handle wealth effectively- save, spend, invest, earn, share, borrow, and protect (risk awareness). The easiest path to accomplish this is to use simple activities to teach complex lessons. Infusing choices in daily decision making is a great way to teach. For example, at the age of five, I might suggest that we visit a local bank branch and open an account with money saved from the tooth fairy. At the age of eight, I offer an age-appropriate alternative to a physical birthday present. I might suggest the purchase of one share of stock in a company that they are familiar with to introduce the concept of investing. Whether your child is 7 or 17, you are meeting them where they are and explaining terms in a fun way at their level.
What do you think is the most important money lesson you are teaching your own three young children?
The most important money lesson I am teaching my children right now is that you can derive happiness and joy from family experiences together and it doesn’t have to cost a penny. What are the messages that we are sending our children when it comes to how they think about happiness? Does it always have a price tag? At times this can be hard, as I want them to experience and have everything that I may not have had growing up. But what I did have was outings to the park to play basketball, pillow fights at bedtime, family days at the beach and most importantly, a loving family to experience this with. With the digital age and so much consumption…it's about finding ways to infuse this messaging into our children’s lives that will set them up for the most success in the future.