When old school financial planners think of young professionals, sometimes it seems like they honestly see no more than: “a person working while young.” It’s so much more than that. Financial planning for young professionals needs to take into account the changing world of work for people of the next generation.
• More are entrepreneurs. Take Gen X (our generation, for example). 41% of us are entrepreneurs. We’re less likely than previous generations to go to work at one place, stay there our whole careers, and base our retirement off of a single pension. Source: study by monster.com and Millennial Branding
• More of us are working at 4, 5, 6 places in the course of a career. In fact, average tenure overall is just 4.6 years. That adds a complexity that is more than previous generations’ dealt with; and the standard approach to financial planning is out of sync with that. Source: Jan. 2014 stats by U.S. Bureau of Labor Statistics
• And increasingly, more of us live a three-business card life. We may have one primary job, but we’re weaving in free-lancing, leveraging idling assets in the Sharing Economy, and powering a social entrepreneurship or B Corp alongside of the 9-5. Source: first referenced in Oct. 2013 New Yorker piece by Nathan Heller about “How San Francisco’s New Entrepreneurial Culture is Changing the Country
Woven Capital serves people who are building their financial future in new ways, often by leading a “three-business card life,” weaving together assets from multiple streams of income.
In the next decade, people are going to be living & working longer, they will have multiple jobs—sometimes at the same time. You could call them micro-entrepreneurs. They are experimenting with a whole range of ways to produce value; to make capital. They are innovating their financial lives, and today’s financial planning tools haven’t caught up.
We’re here to fix that.
At Woven, we make smart use of automation, using just the right mix of humans and machines to get the job done. We deliver financial planning via video call, so that you don’t have to waste time driving around a parking lot. Our cash flow models won’t be flummoxed if you use Relay Rides or Airbnb to turn your car or extra room into a revenue generator. We get it that you are weaving together a lot and we’re here to help.